The coffee shop enters into a loan with Bank of New Castle with the following terms.

Date of loan 12/31/18

Principal $ 12,000

Monthly payments $ 200

Final payment - Maturity Date 12/31/23

1. Calculate current maturities of long-term debt as of 03/31/19

2. Calculate current maturities of long-term debt as of 12/31/19

Problem 5b Information

The coffee shop enters into a short-term loan with Bank of New Castle with the following terms.

Date of loan 01/01/19

Principal $ 10,000

Discount on note payable $ (400)

Final payment - Maturity Date 06/30/19

1. Indicate below the amount of cash received on 01/01/19

2. Indicate the amount of interest expense for the six months of the loan.