Use Apple’s financial statements in Appendix A to answer the following. 

Apple’s long- term debt is called “Term debt” under non-current liabilities. 

1. Identify Apple’s long-term debt as reported on its balance sheet at 

(a) September 28, 2019, and

(b) September 29, 2018.

2. Calculate the percentage change in long-term debt from September 29, 2018, to September 28, 2019.

3. If Apple’s reported long-term debt continues on the current trend, do we expect total interest expense to increase or decrease?