On January 2, 2014, Redbook Manufacturing acquired machinery by issuing

On January 2, 2014, Redbook Manufacturing acquired machinery by issuing a 5%, $350,000 note due in six years on January 2, 2020. Annual payments are $68,956 each January 2. The payment schedule is:

On January 2, 2014, Redbook Manufacturing acquired machinery by issuing

Required
Using the information provided, complete the following liabilities section of Redbook Manufacturing’s balancesheet:

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