The following instalment payment schedule is for an instalment note payable: a. What are the non-current and
Question:
The following instalment payment schedule is for an instalment note payable:
a. What are the non-current and current portions of the note at December 31, 2021?
b. What are the non-current and current portions of the note at December 31, 2024?
Transcribed Image Text:
Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Jan. 1, 2021 Jan. 1, 2022 Jan. 1, 2023 Jan. 1, 2024 Jan. 1, 2025 $40,000 $12,000 11,500 11,000 10,500 $2,000 $10,000 1,500 1,000 500 20,000 10,000 10,000 10,000
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Related Book For
Accounting Principles Volume 2
ISBN: 978-1119502555
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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