Carruthers Medical Group borrowed $300,000 on July 1, 2014, by issuing a 9% long term note payable that must be paid in three equal annual installments plus interest each July 1 for the next three years.

Requirement

Insert the appropriate amounts to show how Carruthers would report its current and long-term liabilities.

Transcribed Image Text:

December 31 2015 2014 2016 Current Liabilities: Current Portion of Long-Term Note Payable $ Interest Payable Long-Term Liabilities: Long-Term Note Payable