$2..$W Company's long$-$term debt at December $31$ of Year $1$ was as follows:

$$60,000$ note payable due in Year $2$

$$225,000$ note payable due in Year $4$

$$300,000$ note payable due in Year $6$

$$45,000$ mortgage payable due in five equal installments in Years $2-6$

$$80,000$ note payable due in Year $7$

Prepare the required financial statement footnote at December $31,$ Year $1$ indicating the amounts due in each of the next five years and thereafter.

$($More exercises on back of sheet$)$