Question: Cooke Inc. issued a $240,000, 10-year, 8% note payable on October 1, 2013. The terms provide for blended payments of $8,773 payable in quarterly instalments

Cooke Inc. issued a $240,000, 10-year, 8% note payable on October 1, 2013. The terms provide for blended payments of $8,773 payable in quarterly instalments on January 1, April 1, July 1, and October 1. Below is a partial instalment schedule for the note payable.

Show the balance sheet presentation of the current and non-current liability related to the note as at December 31, 2013.

Interest Peiod Cash PaymenInterest Expense Reduction of Principal Principal Balance Oct. 1, 2013 Jan. 1, 2014 Apr 1, 2014 July 1, 2014 Oct. 1, 2014 Jan. 1, 2015 $4,800 4,721 4,639 4,557 4,472 $240,000 236,027 231,975 227,841 223,625 219,324 $3,973 4,052 $8,773 8,773 8,773 8,773 2 4,216 4,301

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