On December 1, 2021, your company borrowed $30,000, a portion of which is to be repaid each year on November 30. Specifically your company will make the following principal payments: 2022, $4,000, 2023, $6,000; 2024, $8,000: and 2025, $12,000. Show how this loan will be reported in the December 31, 2022 and 2021 balance sheets, assuming principal payments wil be made when required.

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