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
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Chapter1: Financial Statements And Business Decisions
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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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