On January 1, 2013, Thames Company purchases property and signs a 6-year mortgage note $60,000 at 4%. Please see the partial amortization schedule below. 
At the end of 2013, what amount would be shown on the balance sheet for current portion of mortgage payable?
Definitions:
Wool Market
The global or regional trade area where wool is bought and sold, influenced by supply and demand dynamics.
Perfectly Competitive
A market structure where many firms offer a homogeneous product, and no single buyer or seller can influence the market price.
Market Demand Curve
A graph representing the total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.
Perfectly Competitive Industry
A market structure characterized by many small firms, homogeneous products, and free entry and exit, leading to price takers.
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