Question

Pronghorn Corp. has three notes payable outstanding on December 31, 2020, as follows: 1. A six-year, 6%, $82,200 note payable issued on March 31, 2020. Pronghorn Corp. is required to pay $13,700 plus interest on March 31 each year starting in 2021. 2. A seven-month, 5%. $34,000 note payable issued on July 1, 2020. Interest and principal are payable at maturity. 3. A 30-month, 4%, $138,000 note payable issued on September 1, 2020. Pronghorn Corp. is required to pay $4,600 plus interest on the first day of each month starting on October 1, 2020. All payments are up to date. Your answer is correct. Calculate the current portion of each note payable. Note 1 Note 2 Note 3 Current Portion $ $ $ 13,700 34.000 55200 e Textbook and Media - Your answer is partially correct. Calculate the non-current portion of each note payable. Note 1 Note 2 Note 3 Non-Current Portion $ 68500 $ $ 78200 eTextbook and Media - Your answer is partially correct. Calculate any interest payable at December 31, 2020. Note 1 Note 2 Interest Payable $ $ $ 3699 708 475 Note 3 e Textbook and Media

Please show all calculation and explanation

Answer 1

D alaulate he Current partion $13,700 $34000 55200 Note 1 Note 2 Note 3 ) (4600 X12months 2) Calculated the Non Current Potion ADan amt - Amt paid - Curent porhon | 82,200 -13700 /34,000-340007 $68500 Noto 1 Note 2 $69,000 ( ] Note 3 138,000-13,800 -55200 9n Ne 3,$13,800 (4t00 x3) is abeady paid $755,200 is Cusant porbon as calculated above. Hene., hemaining non (uetrent perhion is E469,000 inkerest payable 3) Calculate at Dec, 31, 2020. any (82,200 X 6% x9 ) 34000 X 5% X 6 $3699 $850 Note 1 Not 2 Not 3 12 414 (138000 -13800) X4% X I In Note 1, Inierest is payable for 9 months (April, 20 - Dec.20) 9n Notu 2, Inlenest is payable for 6months (I July,20 - 31 Bec. 20) In Noto 3,9nterest is paypba for å month only because last INas done on 1 Dec, 20. So, inlerest is due for DeL 20 to 31 Dec 20 ie for 1 mon th. 12 pay ment