M10-5 Reporting Current and Noncurrent Portions of Long-Term Debt [LO 10-2] Assu

Question

M10-5 Reporting Current and Noncurrent Portions of Long-Term Debt [LO 10-2] Assume that on December 1, 2015, your company borrowed $24,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2016, $3,200; 2017, $4,800; 2018, $6,400; and 2019, $9,600. Show how this loan will be reported in the December 31, 2016 and 2015 balance sheets, assuming that principal payments will be made when required Balance Sheet (Partial) As of December 31 2016 2015 Total Liabilities

Explanation / Answer

For computing the out standing Interest.............. rate of interest is not given.

2016 2015 Long term Liabilities Long term loan 20800 24000 Total 20800 24000 Current Liabilities Out standing Interest

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