Question: At December 31, 2014, Reddy Inc. has three long-term debt issues outstanding. The first is a $2.2 million note payable that matures on June 30,

At December 31, 2014, Reddy Inc. has three long-term debt issues outstanding. The first is a $2.2 million note payable that matures on June 30, 2017. The second is a $4-million bond issue that matures on September 30, 2018. The third is a $17.5-million sinking fund debenture with annual sinking fund payments of $3.5 million in each of the years 2016 through 2020.
Instructions
Prepare the note disclosure that is required for the long-term debt at December 31, 2014.

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