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Please help provide current and longterm portions on 12/31/10 as well as journal entrys. ...

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Accounting

Please help provide current and longterm portions on 12/31/10 as well as journal entrys. In testing receivables, we discovered that a portion of the account receivable balance relates to
an installment note which requires fixed payments of $5,509.80 every December 31st. The note
bears interest at 4% and when the final payment is received, the note balance will be collected
in full. The carrying value of this installment note at the end of Year 10 after the 12/31 payment
totaled $20,000. Four payments remain until the note is collected in full. The note should be
reported separately from accounts receivable.

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