Reference no: EM132608993

Questions - Crab Apple Tree Farm has a December 31 fiscal year end. The company has six notes payable outstanding on December 31, 2021, as follows:

1. A 10-month, 5%, $40,800 note payable issued on August 1, 2021. Interest is payable monthly on the first day of each month starting on September 1.

2. A four-month, 4%, $20,400 note payable issued on September 1, 2021. Interest and principal are payable at maturity.

3. A six-month, 4.5%, $36,000 note payable issued on November 1, 2021. Interest and principal are payable at maturity.

4. A five-year, 3.5%, $84,000 note payable issued on March 31, 2021. Crab Apple Tree Farm is required to pay $16,800 plus interest on March 31 each year starting in 2022.

5. A six-year, 5%, $172,800 note payable issued on October 1, 2021. Crab Apple Tree Farm is required to pay $2,400 plus interest on the first day of each month starting on November 1, 2021. All payments are up to date.

6. A four-year, 5%, $52,800 note payable issued on January 31, 2020. Crab Apple Tree Farm is required to pay $13,200 every January 31 starting in 2021. Interest is payable monthly on the last day of each month, starting on February 28, 2020.

Required -

a) Calculate the current portion of each note payable.

b) Calculate the non-current portion of each note payable.

c) Calculate any interest payable at December 31, 2021.