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 "0" wherever required.) Current liabilities: Current portion of non-current debt Interest payable Non-current liabilities: Long-term debt 2023 December 31, 2024 2025 2026
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 "0" wherever required.) Current liabilities: Current portion of non-current debt Interest payable Non-current liabilities: Long-term debt 2023 December 31, 2024 2025 2026
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![On January 2, 2023, Brook Company acquired machinery by issuing a 3%, $352,000 note due in 5 years on December 31, 2027
Annual payments are $77,815 each December 31. The payment schedule is:
Year
2023
2024
2825
2026
2027
Annual
Payment
$77,815
77,815
77,815
77,815
77,815
Principal Portion
of Payment
$67,255
69,273
71,351
73,491
70,630
Current liabilities:
Current portion of non-current debt
Interest payable
Non-current liabilities:
Long-term debt
Interest Portion
of Payment
$10,560
8,542
6,464
2023
4,324
7,185
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 "0" wherever required.)
December 31,
2024
Principal Balance
at Year-End
$284,745
215,472
2025
✪
144,121
70,630
e
2026](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffb94c028-391d-4039-8469-52697921dc9c%2F4c0c71f3-0e61-4d45-bb36-3dfbeb19dec5%2Fvfc8y28_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On January 2, 2023, Brook Company acquired machinery by issuing a 3%, $352,000 note due in 5 years on December 31, 2027
Annual payments are $77,815 each December 31. The payment schedule is:
Year
2023
2024
2825
2026
2027
Annual
Payment
$77,815
77,815
77,815
77,815
77,815
Principal Portion
of Payment
$67,255
69,273
71,351
73,491
70,630
Current liabilities:
Current portion of non-current debt
Interest payable
Non-current liabilities:
Long-term debt
Interest Portion
of Payment
$10,560
8,542
6,464
2023
4,324
7,185
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 "0" wherever required.)
December 31,
2024
Principal Balance
at Year-End
$284,745
215,472
2025
✪
144,121
70,630
e
2026
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