Prepare in partial format the liability section of the

Question

Norton Corporation borrowed $300,000 on December 1, 2016. The term of the loan was two years and the interest rate was 7%. Payments are due on the 1^st and 15^th of each month with the first payment due on December 15, 2016. An amortization schedule for the loan follows:

book
Payment	Date	Payment	Interest	Principal	Value
300,000
1	12/15/2016	12,992	10,500	2,492	297,508
2	1/1/2017	12,992	10,413	2,579	294,929
3	1/15/2017	12,992	10,323	2,669	292,259
4	2/1/2017	12,992	10,229	2,763	289,496
5	2/15/2017	12,992	10,132	2,860	286,637
6	3/1/2017	12,992	10,032	2,960	283,677
7	3/15/2017	12,992	9,929	3,063	280,614
8	4/1/2017	12,992	9,821	3,171	277,443
9	4/15/2017	12,992	9,711	3,281	274,162
10	5/1/2017	12,992	9,596	3,396	270,765
11	5/15/2017	12,992	9,477	3,515	267,250
12	6/1/2017	12,992	9,354	3,638	263,612
13	6/15/2017	12,992	9,226	3,766	259,846
14	7/1/2017	12,992	9,095	3,897	255,949
15	7/15/2017	12,992	8,958	4,034	251,915
16	8/1/2017	12,992	8,817	4,175	247,740
17	8/15/2017	12,992	8,671	4,321	243,419
18	9/1/2017	12,992	8,520	4,472	238,947
19	9/15/2017	12,992	8,363	4,629	234,318
20	10/1/2017	12,992	8,201	4,791	229,527
21	10/15/2017	12,992	8,033	4,959	224,568
22	11/1/2017	12,992	7,860	5,132	219,436
23	11/15/2017	12,992	7,680	5,312	214,125
24	12/1/2017	12,992	7,494	5,498	208,627
25	12/15/2017	12,992	7,302	5,690	202,937
26	1/1/2018	12,992	7,103	5,889	197,048
27	1/15/2018	12,992	6,897	6,095	190,952
28	2/1/2018	12,992	6,683	6,309	184,644
29	2/15/2018	12,992	6,463	6,529	178,114
30	3/1/2018	12,992	6,234	6,758	171,356
31	3/15/2018	12,992	5,997	6,995	164,362
32	4/1/2018	12,992	5,753	7,239	157,122
33	4/15/2018	12,992	5,499	7,493	149,630
34	5/1/2018	12,992	5,237	7,755	141,875
35	5/15/2018	12,992	4,966	8,026	133,848
36	6/1/2018	12,992	4,685	8,307	125,541
37	6/15/2018	12,992	4,394	8,598	116,943
38	7/1/2018	12,992	4,093	8,899	108,044
39	7/15/2018	12,992	3,782	9,210	98,834
40	8/1/2018	12,992	3,459	9,533	89,301
41	8/15/2018	12,992	3,126	9,866	79,434
42	9/1/2018	12,992	2,780	10,212	69,222
43	9/15/2018	12,992	2,423	10,569	58,653
44	10/1/2018	12,992	2,053	10,939	47,714
45	10/15/2018	12,992	1,670	11,322	36,392
46	11/1/2018	12,992	1,274	11,718	24,674
47	11/15/2018	12,992	864	12,128	12,545
48	12/1/2018	12,992	447	12,545	0

Required:

1.    Record all the journal entries (including adjusting journal entries) for the month of December, 2016.

2.    Prepare (in partial format) the liability section of the firm's balance sheet at December 31, 2016.

3.    Prepare the 'Cash Flow from Financing Activities' section of the Statement of Cash Flows for 2016.