Barton Chocolates used a promissory note to borrow $$1,600,000$ on July $1,2024,$ at an annual interest rate of $6$ percent. The note is to be repaid in yearly installments of $$320,000,$ plus accrued interest, on June $30$ of every year until the note is paid in full $($on June $30,2029).$

Required:

Show how the results of this transaction would be reported in a classified balance sheet prepared as of December $31,2024.$

Note: Do not round intermediate calculations.

$\backslash$table$[[$BARTON CHOCOLATES$],[$Balance Sheet $($partial$),],[$Current Liabilities,$],[$Interest Payable,$$48,000$