At December 31, 2017, Culver Company has outstanding three long-term debt issues. The first is a $2,120,000 note payable which matures June 30, 2020. The second is a $6,020,000 bond issue which matures September 30, 2021. The third is a $13,240,000 sinking fund debenture with annual sinking fund payments of $2,648,000 in each of the years 2019 through 2023.
Prepare the required note disclosure for the long-term debt at December 31, 2017.
The debt given for more than one year is known as the long-term goal. The debts for less than one year are short-term debt. The examples are the bank loans, credit loans, etc.
Answer and Explanation:
|Year||Long term Debt||Working|
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from Financial Accounting: Help and ReviewChapter 8 / Lesson 7