On December 1, 2018, your company borrowed $48,000, a portion of which is to be repaid...
On December 1, 2018, your company borrowed $48,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2019, $6,400; 2020, $9,600; 2021, $12,800; and 2022, $19,200. Show how this loan will be reported in the December 31, 2019 and 2018 balance sheets, assuming principal payments will be made when required.
Homework Answers
| 2019 | 2018 | |
|---|---|---|
| Current liabilities | ||
| Current portions of long-term debt | $9600 | $6400 |
| Long-term liabilities | ||
| Long-term debt | $32000 | $41600 |
| Total liabilities | $41600 | $48000 |
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