The correct dollar amounts for current liabilities


Grace Herron has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill. On July 1, 2013, Grace was loaned $150,000 at an annual interest rate of 7%. The loan is repayable over 5 years in annual installments of $36,584, principal and interest, due each June 30. The first payment is due June 30, 2014. Grace uses the effective-interest method for amortizing debt. Her ski hill company's year-end will be June 30. Show the balance sheet presentation of the note payable as of June 30, 2015. (Hint: Be sure to distinguish between the current and long-term portions of the note.)

What I am missing the the correct dollar amounts for Current Liabilities-Notes Payable and Longterm Liabilities-Notes Payable

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: The correct dollar amounts for current liabilities
Reference No:- TGS0686964

Expected delivery within 24 Hours