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On December 1, 2021, your company borrowed $15,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2022, $2,000; 2023, $3,000; 2024, $4,000; and 2025, $6,000. Show how this loan will be reported in the December 31, 2022 and 2021, balance sheets, assuming principal payments will be made when required. Current and No

On December 1, 2021, your company borrowed $15,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2022, $2,000; 2023, $3,000; 2024, $4,000; and 2025, $6,000. Show how this loan will be reported in the December 31, 2022 and 2021, balance sheets, assuming principal payments will be made when required. Current and No

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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LO 10-2 LD 10-2 LO 10-2 M10-5 Reporting Current and Noncurrent Portions of Long-Term Debt On December 1, 2021, your company borrowed $15,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: in the December 31, 2022 and 2021, balance sheets, assuming principal payments will be made 2022, $2,000; 2023, $3,000; 2024, $4,000; and 2025, $6,000. Show how this loan will be reported when required. M10-6 Recording Notes Payable Greener Pastures Corporation borrow MO- 201, 2021. $1.000.000 on November 1, 2021 The note carried a ng and (b) the a on December 31 eporting interest and Long-Term Debt, including Current Portion s used a promissor transaction would be r 0.000 on July 2021 at an annual 200,000, pius accrued 2026) Show how the
Transcribed Image Text:LO 10-2 LD 10-2 LO 10-2 M10-5 Reporting Current and Noncurrent Portions of Long-Term Debt On December 1, 2021, your company borrowed $15,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: in the December 31, 2022 and 2021, balance sheets, assuming principal payments will be made 2022, $2,000; 2023, $3,000; 2024, $4,000; and 2025, $6,000. Show how this loan will be reported when required. M10-6 Recording Notes Payable Greener Pastures Corporation borrow MO- 201, 2021. $1.000.000 on November 1, 2021 The note carried a ng and (b) the a on December 31 eporting interest and Long-Term Debt, including Current Portion s used a promissor transaction would be r 0.000 on July 2021 at an annual 200,000, pius accrued 2026) Show how the
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