Emerald Enterprises has three notes payable outstanding on December 31, 2021, as follows:

1. A six-year, 6%, $60,000 note payable issued on March 31, 2021. Emerald Enterprises is required to pay $10,000 plus interest on March 31 each year starting in 2022.

2. A seven-month, 4%, $30,000 note payable issued on July 1, 2021. Interest and principal are payable at maturity.

3. A 30-month, 5%, $120,000 note payable issued on September 1, 2021. Emerald Enterprises is required to pay $4,000 plus interest on the first day of each month starting on October 1, 2021. All payments are up to date.

Instructions

a. Calculate the current portion of each note payable.

b. Calculate the non-current portion of each note payable.

c. Calculate any interest payable at December 31, 2021.