The following instalment payment schedule is for an instalment note payable: (a) What are the non-current and
Question:
The following instalment payment schedule is for an instalment note payable:
(a) What are the non-current and current portions of the note at December 31, 2013?
(b) What are the non-current and current portions of the note at December 31, 2016?
Transcribed Image Text:
Interest Period Cash Payment Interest Expense Reduction of PrincipalPrincipal Balance Jan. 1, 2013 Jan. 1, 2014 Jan. 1, 2015 Jan. 1, 2016 Jan. 1, 2017 12,000 11,500 11,000 10,500 2,000 1,500 1,000 500 10,000 10,000 10,000 10,000 $40,000 30,000 20,000 10,000
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Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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