How to record the long-term notes payable on the balance sheet for the below homework.
A five-year, $100,000, 4% note payable was issued on December 31, 2014. The note requires principal payments of $20,000 plus interest due each year beginning December 31, 2015. On December 31, 2016, immediately after the note payment, the balance sheet would show?
Attachment:- Detailed Explanation.rar