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List long-term liabilities associated with transaction

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Lota Inc, an electronics retailer, just finished its first year of operations and is in the process of preparing its December 31, 2018 balance sheet. indicate that the account names and dollar amount If any) that lota would report within the current and long-term liabilities sections of its balance sheet at December 31, 2018 as a result of each transaction described below. If no liability should be recorded leave the item blank.

Problem 1: On October 1, 2018 lota issued $ 8,000,000 of notes payable. The notes pay 6% interest each September 30th and mature is installments. The first $1,000,000 installment is due September 30, 2019. List the current liability associated with this transaction.

Problem 2: On October 1, 2018 lota issued $ 8,000,000 of notes payable. The notes pay 6% interest each September 30th and mature in installments. The first $1,000,000 installment is due September 30, 2019. List long-term liabilities associated with this transaction.

Reference no: EM132735070

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