Reference no: EM132831156
Problem - Pronghorn Corp., has three notes payable outstanding on December 31, 2016, as follows:
1. A six-year, 6%, $150,000 note payable issued on March 31, 2016. Pronghorn Corp. is required to pay $25,000 plus interest on March 31 each year starling in 2017.
2. A seven-month, 4%, $36,000 note payable issued on July 1, 2016. Interest and principal are payable at maturity.
3. A 30-month, 5%, $300,000 note payable issued on September 1, 2016. Pronghorn Corp. is required to pay $10,000 plus interest on the first day of each month starting on October 1, 2016. All payments are up to date.
Required -
1. Calculate the current portion of each note payable.
2. Calculate the non-current portion of each note payable.
3. Calculate any interest payable at December 31, 2016.
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