At December 31, 2014, Redmond Company has outstanding three long-term debt issues. The first is a $2,045,300 note payable which matures June 30, 2017. The second is a $6,011,300 bond issue which matures September 30, 2018. The third is a $12,587,000 sinking fund debenture with annual sinking fund payments of $2,517,400 in each of the years 2016 through 2020. Prepare the required note disclosure for the long-term debt at December 31, 2014.
Note disclosure for long term debt:
While reporting the liability in the statement we should disclose amount due in current year .Notes to assist you in evaluating your debt, notes should include schedules that break out the respective notes through the respective groups and a note related to the actual payout.
Answer and Explanation:
|December 31, 2014.||-|
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from Accounting 101: Financial AccountingChapter 10 / Lesson 6