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  3. on december 1, 2021, your company borrowed $21,000

On December 1, 2021, your company borrowed $21,000, a portion of which is to be...

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Accounting

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On December 1, 2021, your company borrowed $21,000, a portion of which is to be repaid each year on November 30 . Specifically, your compary will make the following principal payments: 2022, \$2,800; 2023, \$4,200; 2024, $5,600; and 2025, \$8,400. Show how this losn will be reported in the December 31,2022 and 2021 balance sheets, assuming principal payments will be made when requilred

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