VALLEY PUBLISHING COMPANY #510 - Long-term Debt 12/31/20x2 [Prepared by client] NOTE VOUCHER # DESCRIPTION PRINCIPAL NOTE #1 Balance due at 12/31/x1, payable to Phoenix Mutual Fire Insurance Co. Original amount, $1,500,000 - 15 year term currently maturing 12/31/x6; secured by mortgage on equipment; payable $100,000 principal plus 8% interst on the unpaid balance each December 31. (500,0 12-37 Payment on 12/31/x2 100,0 Balance as of 12/31/x2 (400,0 NOTE #2 Note dated 9/15/x2 to Phoenix Mutual; secured by mortgage on land and building and on new press equipment; payable $240,000 annually over the next 14 years on each Sept 15 beginning in 20x3 plus 8% interest on the unpaid balance and a final payment of $185,000. (3,545,0 Total Long-Term Debt Balance as of 12/31/x2 (3,945,0