At December 31, 2020, Pharoah Company has outstanding three long-term debt issues. The first is a...
At December 31, 2020, Pharoah Company has outstanding three
long-term debt issues. The first is a $2,370,000 note payable which
matures June 30, 2023. The second is a $5,580,000 bond issue which
matures September 30, 2024. The third is a $12,850,000 sinking fund
debenture with annual sinking fund payments of $2,570,000 in each
of the years 2022 through 2026.
Prepare the required note disclosure for the long-term debt at
December 31, 2020.
Homework Answers
Solution:
As per the requirement of question, the required note disclosure for the long term debt at December 31, 2020 is:
Maturities & sinking fund requirements on long term debt are as follows:
| Year | Amount | Calculation |
| 2021 | 0 | |
| 2022 | 25,70,000 | |
| 2023 | 49,40,000 | 2370000+2570000 |
| 2024 | 1,54,20,000 | 2570000+12850000 |
| 2025 | 25,70,000 |
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