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Gary purchased a new piece of equipment to be used in its new facility. The...

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Accounting

Gary purchased a new piece of equipment to be used in its new facility. The $420,000 piece of equipment was purchased with a $63,000 down payment and with cash received through the issuance of a $357,000,7%,5-year mortgage payable issued on January 1,2022. The terms provide for annual installment payments of $87,069 on December 31.
(a)
(b).
(c)
Your answer is partially correct.
Show the balance sheet presentation for this obligation for December 31,2022.(Hint: Be sure to distinguish between the current and long-term portions of the note.)(Round answers to 0 decimal places, e-8.125.)
Mortgage Payable
Mortgage Payable
December 31,2022
GARY
Balance Sheet (Partial)
7 Your answer is partially correct. Show the balance sheet presentation for this obligation for December 31,2022. and long-term portions of the note.)(Round answers to 0 decimal places, es.125.)
Mortgage Payable
$
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