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Record the payment of the first instalment

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Question - On the 1st March 2019, Concept Limited purchased printing equipment costing $186,000 by issuing a 5 year, 4% unsecured note payable. The note requires $42,000 annual principal repayments plus interest each 1st March.

Required -

Journalise the transactions to account for the acquisition of equipment. (Remember to allocate the current and non-current portions of the liability)

Accrue interest on the note payable at the 31st December, 2019.

Record the payment of the first instalment (including interest) of the note payable on 1st March, 2020 and then accrue interest as at 31st December, 2020.

Need an excerpt best to from the Balance Sheet as at 31st December, 2020 showing liabilities.

Reference no: EM132700454

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