On January 1, 2020, La Petite Macaron, a local French bakery, borrowed $84,000 from the bank. Incalculated at the rate of 4% and the term of the note is four years. Four equal annual payments wil beQS 10-2 Current portion of long-term debt LO1the amount of $23,141 each December 31. The payment schedule is shown below.PrincipalInterestPrincipalPortion ofPortion ofBalance atAnnualPaymentРaymentYear-EndYearPayment$23,141$19,781$3,360$64,219202023,14120,5722,56943,647202123,14121,3951,74622,252202223,14122,252889-0-2023Show how La Petite Macaron will show the note on its year-end balance sheet:Tails od ton1. December 31, 20202. December 31, 2021

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On January 1, 2020, La Petite Macaron, a local French bakery, borrowed $84,000 from the bank. Int calculated at the rate of 4% and the term of the note is four years. Four equal annual payments will be ma QS 10-2 Current portion of long-term debt LO1 the amount of $23,141 each December 31. The payment schedule is shown belou Interest Portion of Рayment Principal Principal Portion of Balance at Annual Payment Payment Year-End Year $23,141 $19,781 $3,360 $64,219 2020 23,141 20,572 2,569 43,647 2021 23,141 21,395 1,746 22,252 2022 23,141 22,252 889 -0- 2023 Show how La Petite Macaron will show the note on its year-end balance sheet: 1. December 31, 2020 2. December 31, 2021

On January 1, 2020, La Petite Macaron, a local French bakery, borrowed $84,000 from the bank. Int calculated at the rate of 4% and the term of the note is four years. Four equal annual payments will be ma QS 10-2 Current portion of long-term debt LO1 the amount of $23,141 each December 31. The payment schedule is shown belou Interest Portion of Рayment Principal Principal Portion of Balance at Annual Payment Payment Year-End Year $23,141 $19,781 $3,360 $64,219 2020 23,141 20,572 2,569 43,647 2021 23,141 21,395 1,746 22,252 2022 23,141 22,252 889 -0- 2023 Show how La Petite Macaron will show the note on its year-end balance sheet: 1. December 31, 2020 2. December 31, 2021

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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