Question: Question 2 [5 points] On January 1, 2014, Weber Inc. borrowed $157,000 from the bank. Interest is calculated at the rate of 10% and the

Question 2 [5 points] On January 1, 2014, Weber Inc. borrowed

Question 2 [5 points] On January 1, 2014, Weber Inc. borrowed $157,000 from the bank. Interest is calculated at the rate of 10% and the term of the note is four years. Four equal annual payments will be made in the amount of $49,529 each December 31. The payment schedule is shown below. Year 2014 2015 2016 2017 Annual Payment 49,529 49,529 49,529 49,529 Principal Portion of Payment 33,829 37,212 40,933 45,026 Interest Portion of Payment 15,700 12,317 8,596 4,503 Principal Balance at Year-End 123,171 85,959 45,026 0 a) Show how Weber Inc. will show the note on the year-end December 31, 2014 balance sheet. Liabilities Current Liabilities: (Select one) Long Term Liabilities: (Select one) b) Show how Weber Inc. will show the note on the year-end December 31, 2015 balance sheet Liabilities Current Liabilities: (Select one) Long Term Liabilities: (Select one)

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