Requiremant 2. Prepare the liabilities section of the balance sheet for Elliot Manufacturing on March 1, 2028 after all the joumel entries are recorded.
First, prepere an amortization schedule for the Sewyer Bank morigage to March 1, 2027. Prepare the schedule for the first three payments, then the remaining months one at a time. (Round your answers to the nearest whole dollar.)
Review the related joumal entries you prepared in Requirement 1.
Beginning
Principal
Interest
Total
Ending
Balance
Payment
Expense Payment
Balance
12/01/2025
$ 450,000
1/01/2026 $ 450,000 $
5,000 $
3,000 $ 8,000
445,000
2/01/2026
445,000
5,033
2,967
8,000
439,967
3/01/2026 439,967
5,067
2,933
8,000
434,900
4/01/2026
434,900
5,101
2,899
8,000
429,799
5/01/2026
429,799
5,135
2,865
8,000
424,664
6/01/2026
424,664
5,169
2,831
8,000
419,495
7/01/2026
419,495
5,203
2,797
8,000
414,292
8/01/2026
414,292
5,238
2,762
8,000
409,054
9/01/2026
409,054
5,273
2,727
8,000
403,781
10/01/2026
403,781
5,308
2,692
8,000
398,473
11/01/2026
398,473
5,344
2,656
8,000
393,129
12/01/2026
393,129
5,379
2,621
8,000
387,750
1/01/2027
387,750
5,415
2,585
8,000
382,335
2/01/2027
382,335
5,451
2,549
8,000
376,884
3/01/2027
376,884
5,487
2,513
8,000
371,397
Now prepare the liabilities section of the belance sheet for Elliot Manufacturing on March 1, 2026. (If an input field is not used in the table leave the field empty, do not select a label or enter a zero.)
Review the amortization schedule you prepared above.
Elliot Manufacturing
Balance Sheet (Partial)
March 1, 2028
Liabilities
Current Liabilities: