Question: please provide a step-by-step calculation with explanation! thank you thank you! On January 5, 2009, Garrett Company, a calendar-year company, issued $500,000 of notes payable,

please provide a step-by-step calculation with explanation! thank you thank you!

On January 5, 2009, Garrett Company, a calendar-year company, issued $500,000 of notes payable, of which $100,000 is due on January 1 for each of the next five years. The proper balance sheet presentation on December 31, 2009, is 1

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