Chapter 12, Problem 12.18E

1.

To determine

Long-Term Notes Payable

Long-term notes payable refers to the obligation of the company in the form of notes to be paid after one year or one operating cycle whichever is longer. Generally the long-term notes payable is reported in the long-term liabilities section of the balance sheet.

To Journalize: The given transactions for Company C.

2.

To determine

To Ascertain: The total liabilities of Company C as on December 31, 2019.