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Sheffield Inc received a five-year bank loan bearing interest at 7% with principal and interest instalment payments due annually. The following instalment payment schedule is

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Sheffield Inc received a five-year bank loan bearing interest at 7% with principal and interest instalment payments due annually. The following instalment payment schedule is partially completed: (a) Your answer is correct. Fill in the missing amounts. Interest Period Issue date Cash Payment Interest Expense Reduction of Principal Principal Bala 1 $ $11.219 3220 $7.999 2 11219 2,660 8559 3 11219 2061 9,158 4 11119 1,420 9799 IN 5 11219 734 10,485 What are the current and non-current portions of the loan at the end of the third annual period? Current portion $ Non-current portion $ 22438

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