mid term q1 (1).jpg8°CPartly sunny2021QS 10-2 Current portion of long-term debt LO1On January 1, 2020, La Petite Macaron, a local French bakery, borrowed $84,000 from the bank. Interest is calculated at the rate of 4%and the term of the note is four years. Four equal annual payments will be made in the amount of $23,141 each December 31. Thepayment schedule is shown below:2022Year Annual Payment Principal Portion of Payment Interest Portion of Payment Principal Balance at Year-End2020$19,781$3,360$64,21920,5722,56943,64721,39522,25222,2522023$23,14123,14123,14123,141eShow how La Petite Macaron will show the note on its year-end balance sheet:1. December 31, 20202. December 31, 2021HQ Search:444hp1,7468896-0-Q 100%ENGIN23:4805-11-20230pa dn

Notes payable, also known as promissory notes, are a type of debt that a business or individual…

Answered: -On January 1, 2020, La Petite Macaron,…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 85E: ExerciseInstallment Notes ABC bank loans $250,000 to Yossarian to purchase a new home. Yossarian...

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