On January 2, 2020, Brook Company acquired machinery by Issuing a 5%, $350,000 note due in 5 years on December 31, 2024. Annual payments are $81,099 each December 31. The payment schedule is: Year 2020 2021 2022 2023 2024 Annual Payment $81,099 81,099 81,099 81,099 81,099 Principal Portion of Payment $63,599 66,779 70,118 73,624 75,880 Current liabilities Current portion of non-current debt Interest payable Non-current liabilities Long-term debt Interest Portion of Payment $17,500 14,320 10,981 7,475 5,219 2020 Required: Using the information provided, complete the following liabilities section of Brook Company's balance sheet at December 31: (Leav no cells blank - be certain to enter "0" wherever required.) $ 1,599 $ December 31, 2021 Principal Balance at Year-End $286,401 219,622 149,504 75,880 66 0 2022 2023 75,880

On January 2, 2020, Brook Company acquired machinery by Issuing a 5%, $350,000 note due in 5 years on December 31, 2024. Annual payments are $81,099 each December 31. The payment schedule is: Year 2020 2021 2022 2023 2024 Annual Payment $81,099 81,099 81,099 81,099 81,099 Principal Portion of Payment $63,599 66,779 70,118 73,624 75,880 Current liabilities Current portion of non-current debt Interest payable Non-current liabilities Long-term debt Interest Portion of Payment $17,500 14,320 10,981 7,475 5,219 2020 Required: Using the information provided, complete the following liabilities section of Brook Company's balance sheet at December 31: (Leav no cells blank - be certain to enter "0" wherever required.) $ 1,599 $ December 31, 2021 Principal Balance at Year-End $286,401 219,622 149,504 75,880 66 0 2022 2023 75,880

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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