Able Company had the following amounts of long-term, debt outstanding at December 31, 2021: 14% term note, due 2022 30,000 11% term note, due 2009 1,070,000 8% note, due in 11 equal annual principal payments, plus interest beginning December 31, 2022 1,100,000 7% guaranteed debentures, due 2010 1,000,000 Total 3,200,000 Able’s annual sinking fund requirement on the guaranteed debentures is P40,000 per year. What amount should Able report as current maturities of long-term debt in its December 31, 2021 balance sheet?

Able Company had the following amounts of long-term, debt outstanding at December 31, 2021: 14% term note, due 2022 30,000 11% term note, due 2009 1,070,000 8% note, due in 11 equal annual principal payments, plus interest beginning December 31, 2022 1,100,000 7% guaranteed debentures, due 2010 1,000,000 Total 3,200,000 Able’s annual sinking fund requirement on the guaranteed debentures is P40,000 per year. What amount should Able report as current maturities of long-term debt in its December 31, 2021 balance sheet?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 12P

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14% term note, due 2022	30,000
11% term note, due 2009	1,070,000
8% note, due in 11 equal annual principal payments, plus interest beginning December 31, 2022	1,100,000
7% guaranteed debentures, due 2010	1,000,000
Total	3,200,000