Question: Hello, I need assistance with calculating the Non - current liability amount in part D of this question. I scored correctly on the Current Liability
Hello, I need assistance with calculating the Noncurrent liability amount in part D of this question. I scored correctly on the Current Liability but incorrect on the Noncurrent Liability. If you can kindly assist with calculating the Noncurrent liability amount in part D this would be very appreciated. I have attached the slides below. Let me know if you need any additional information. On January Blossom Corp. borrows $ by signing a year, note payable. The note is repayable in three annual fixed principal payments on December of each year. a Your answer is correct. Calculate the annual principal payment. Annual principal payment b
Your answer is correct.
Prepare an instalment payment schedule for the note. Prepare journal entries to record the note and the first instalment payment. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.
C
Notes Payable d
Your answer is partially correct.
What amounts would be reported as current and noncurrent in the liabilities section of Blossom's balance sheet at December
Current liability
$
Noncurrent liability
$
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