Reference no: EM132847838
Question - Sandhill Co. has two notes payable outstanding on December 31, 2021, as follows:
(a) A five-year, 6.0%, $90,000 note payable issued on August 31, 2021. Sandhill Co. is required to pay $18,000 plus interest on August 31 each year starting in 2022.
(b) A four-year, 4.8%, $144,000 note payable issued on September 30, 2021. Sandhill Co. is required to pay $3,000 plus interest at the end of each month starting on October 31, 2021. All payments are up to date.
Required - Calculate the amount of each note to be included in current and non-current liabilities on Sandhill Co.' December 31, 2021, balance sheet. Ignore interest.
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