Question: QUESTION I-CURRENT LIABILITIES continued... amptons Inc. has a calendar year-end. On January 2, 2017, Hamptons signed as year loan for 405,000 with annual interest of
QUESTION I-CURRENT LIABILITIES continued... amptons Inc. has a calendar year-end. On January 2, 2017, Hamptons signed as year loan for 405,000 with annual interest of 4.5% per annum. Interest for the year is paid on December Equal annual payments of are $93.000 are due at the end of each year. The payment schedule is as follows: Balance as at Annual Principal Dec. 31 balance end payment Principal interest of year opening 2017 $ 465,000 $ 113,925 $ 93,000 $ 20,925 $ 372,000 2018 109,740 93,000 16,740 279,000 2019 105,555 93,000 12,555 186,000 2020 101,370 93,000 8,370 93,000 2021 97,185 93,000 4,185 $ 527,775 $ 465,000 $ 62,775 Using the information provided, complete the following liabilities section of Hampton's balance sheet at December 31 (4 marks): 2017 2018 Current liabilities: Current portion of long-term debt Non-current liabilities Long-term debt
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