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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 10MC: On January 1, 2019, Park Company accepted a 36,000, non-interest-bearing, 3-year note from a major...

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Rahul
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