Assume that on December 1, 2015, your company borrowed $45,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2016, $6,000; 2017, $9,000; 2018, $12,000; and 2019, $18,000. 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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