https/ cation.com/flow/connect.html M10-5 Reporting Current and Noncurrent Porti

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https/ cation.com/flow/connect.html M10-5 Reporting Current and Noncurrent Portions of Long-Term Debt [LO 10-2 On December 1, 2018, your company borrowed $36,000, a portion of which is to be repaid each year on November 30. Specifically. your company will make the following principal payments: 2019, $4,800: 2020, $7,200; 2021, $9,600; and 2022, $14.400. Show how this loan will be reported in the December 31, 2019 and 2018 balance sheets, assuming principal payments will be made when required As of December 31 Total Liabiliies

Explanation / Answer

Balance sheet (partial)

2019 2020 Current liabilties Loan payable 7200 9600 Long term liabilities Loan payable 24000 14400 Total liabilities 31200 24000

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