Assume that on December 1, 2015, your company borrowed $36,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2016, $4,800; 2017, $7,200; 2018, $9,600; and 2019, $14,400. Show how this loan will be reported in the December 31, 2016 and 2015 balance sheets, assuming that principal payments will be made when required.
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