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On December 1, 2021, your company borrowed $31,500, a portion of which is to...

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Accounting

On December 1, 2021, your company borrowed $31,500, a portion of which is to be repaid each year on November 30.
Specifically, your company will make the following principal payments: 2022, $4,200; 2023, $6,300; 2024, $8,400; and
2025, $12,600. Show how this loan will be reported in the December 31, 2022 and 2021 balance sheets, assuming principal
payments will be made when required.
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On December 1, 2021, your company borrowed $31,500, a portion of which is to be repaid each year on November 30 . Specifically, your company will make the following principal payments: 2022, $4,200;2023,$6,300;2024,$8,400; and 2025,$12,600. Show how this loan will be reported in the December 31,2022 and 2021 balance sheets, assuming principal payments will be made when required

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