Solved: Assume that on december 1 2010 your company borrowed 14000, Accounting Basics

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Assume that on december 1 2010 your company borrowed 14000

Assume that on December 1, 2010, your company borrowed $14,000 a portion of which is to be repaid each year on november 30. Specifically your company will make the following principal payments: 2011. $2,000; 2012, $3,000; 2013, $4,000; and 2014, $5,000. Show how this loan will be reported in the December 31, 2011 and 2010 balance sheets, assuming that principal payments will be made when required.

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Accounting Basics: Assume that on december 1 2010 your company borrowed 14000

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