On January 2, 2023, Brook Company acquired machinery by issuing a 3%, $335,000 note due in 5 years on December 31, 2027. Annual payments are $73,809 each December 31. The payment schedule is: Principal Portion of Payment Annual Year Payment 2023 $73,809 $63,759 2024 73,809 65,672 2025 73,809 67,642 2026 2027 73,809 69,671 73,809 68,256 Principal Balance Interest Portion of Payment at Year-End $10,050 $271,241 8,137 205,569 6,167 4,138 5,553 137,927 68,256 0 Required: Using the information provided, complete the following liabilities section of Brook Company's balance sheet at December 31: (Leave no cells blank - be certain to enter "O" wherever required.) Current liabilities: Current portion of non-current debt Interest payable Non-current liabilities: Long-term debt December 31, 2023 2024 2025 2026
On January 2, 2023, Brook Company acquired machinery by issuing a 3%, $335,000 note due in 5 years on December 31, 2027. Annual payments are $73,809 each December 31. The payment schedule is: Principal Portion of Payment Annual Year Payment 2023 $73,809 $63,759 2024 73,809 65,672 2025 73,809 67,642 2026 2027 73,809 69,671 73,809 68,256 Principal Balance Interest Portion of Payment at Year-End $10,050 $271,241 8,137 205,569 6,167 4,138 5,553 137,927 68,256 0 Required: Using the information provided, complete the following liabilities section of Brook Company's balance sheet at December 31: (Leave no cells blank - be certain to enter "O" wherever required.) Current liabilities: Current portion of non-current debt Interest payable Non-current liabilities: Long-term debt December 31, 2023 2024 2025 2026
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 2, 2023, Brook Company acquired machinery by issuing a 3%, $335,000 note due in 5 years on December 31, 2027.
Annual payments are $73,809 each December 31. The payment schedule is:
Principal Portion
of Payment
Annual
Year
Payment
2023
$73,809
$63,759
2024
73,809
65,672
2025
73,809
67,642
2026
2027
73,809
69,671
73,809
68,256
Principal Balance
Interest Portion
of Payment
at Year-End
$10,050
$271,241
8,137
205,569
6,167
4,138
5,553
137,927
68,256
0
Required:
Using the information provided, complete the following liabilities section of Brook Company's balance sheet at December 31: (Leave
no cells blank - be certain to enter "O" wherever required.)
Current liabilities:
Current portion of non-current debt
Interest payable
Non-current liabilities:
Long-term debt
December 31,
2023
2024
2025
2026
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