question archive On January 2, 2020, Brook Company acquired machinery by issuing a 4%, $350,000 note due in 5 years on December 31, 2024 Annual payments are $79,159 each December 31
On January 2, 2020, Brook Company acquired machinery by issuing a 4%, $350,000 note due in 5 years on December 31, 2024 Annual payments are $79,159 each December 31
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On January 2, 2020, Brook Company acquired machinery by issuing a 4%, $350,000 note due in 5 years on December 31, 2024 Annual payments are $79,159 each December 31. The payment schedule is: Annual Principal Portion Interest Portion Principal Balance Year Payment of Payment of Payment 2020 $79,159 $65, 159 at Year-End $14,000 $284,841 79,159 67,765 11,394 2022 217,076 79,159 70,476 8,683 146,600 2023 79,159 73,295 5,864 73,305 2024 79,159 73,305 5,854 2021 Required: Using the information provided, complete the following liabilitles section of Brook Company's balance sheet at December 31 (Leave no cells blank.be certain to enter "0" wherever required.) December 31, 2021 2022 2020 2023 $ Current liabilities Current portion of non-current debt Interest payable Non current liabilities Long-term debt 65,159 s 14.000 5 67 7655 11 3945 70 470 S 73.295 8,6839 5.864 $ 284 841 217 076 146 000 73.305
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