Suppose Detweiler Technologies borrowed $2,000,000 on December 31, 2016, by issuing 4 percent long-term debt that must be paid in four equal annual instalments plus interest on the outstanding balance commencing January 2, 2018.

Required

Insert the appropriate amounts in the following excerpts from the company's partial balance sheet to show how Detweiler Technologies should report its current and long-term liabilities for this debt.

December 31,

2017 2018 2019 2020

Current Liabilities

Current portion of long-term debt $_______ $_______ $_______ $________

Interest payable $_______ $_______ $_______ $________

Long-term liabilities

Long-term debt $_______ $________ $_______ $_________

Current portion of long-term debt

2017: Current portion of long-term debt, $500,000; Interest payable, $80,000

This question comes from Horngren's Accounting, Volume 1, Eleventh Canadian Edition E11-5 (page 641)