Calculate current portion of the mortgage liability

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Tweedsmuir Land Ltd has a substantial mortgage debt. The debt was $13 499 276 at the beginning of this year. Mortgage payments of $3 888 541 were made during the year and the mortgage balance was $10 851 299 at the end of the year. No new borrowing was made this year. Next year, the payments required total $4 105 640 and, if there is no new borrowing, the mortgage balance will be $7 742 879 at the end of next year.

Problem 1: Calculate:

a. interest expense for this year

b. current portion of the mortgage liability at the end of this year

c. noncurrent mortgage liability at the end of this year

Reference no: EM132920279

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