Referring to the data presented in E15-12 for Wolstenholme Corp., assume the payments are annual fi xed

Question:

Referring to the data presented in E15-12 for Wolstenholme Corp., assume the payments are annual fi xed principal payments instead of blended payments.
Instructions
(a) Calculate the annual principal payment.
(b) Prepare an instalment payment schedule for the note.
(c) Prepare journal entries to record the note and the first instalment payment.
(d) What amounts would be reported as current and non-current in the liabilities section of Wolstenholme's on December 31, 2014?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...