At December 31, 2020, Marigold Company has outstanding three long-term debt issues. The first is a $2,210,000 note payable which matures June 30, 2023. The second is a $5,360,000 bond issue which matures September 30, 2024. The third is a $12,640,000 sinking fund debenture with annual sinking fund payments of $2,528,000 in each of the years 2022 through 2026.Prepare the required note disclosure for the long-term debt at December 31, 2020.Long Term Debt20212022202320242025

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Asked Nov 28, 2019
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At December 31, 2020, Marigold Company has outstanding three long-term debt issues. The first is a $2,210,000 note payable which matures June 30, 2023. The second is a $5,360,000 bond issue which matures September 30, 2024. The third is a $12,640,000 sinking fund debenture with annual sinking fund payments of $2,528,000 in each of the years 2022 through 2026.

Prepare the required note disclosure for the long-term debt at December 31, 2020.

Long Term Debt

2021

2022

2023

2024

2025

 

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Expert Answer

Step 1

Prepare the required note disclosure for the long-term debt at December 31, 2020:

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Year Amount (S) $0 $2,528,000 $4,738,000 2021 2022 2023 $7,888,000 $2,528,000 2024 2025

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Step 2

Workings:

 For 2023:

...
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2023 $2,210,000 $2,528,000 =$4,738.000

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