"On December 1, 2018, your company borrowed $48,000, a portion of which is to be repaid each year on November 30. Specifically,
your company will make the following principal payments: 2019, $6,400; 2020, $9,600; 2021, $12,800; and 2022, $19,200. Show how this loan will be reported in the December 31, 2019 and 2018 balance sheets, assuming principal payments will be made when required."
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