C. at the end of the first year, what amount will fulton include as "current maturities of long-term debt" on its balance sheet

$409,698

Explanation:

We must first determine the the monthly payments and we can use an excel spreadsheet and the payment function:

=PMT((0.055,10,-5000000) = 663338.84 ≈ $663,339

this initial payment includes interests = ($5,000,000 x 5.5) = $275,000, and principal = $663,339 - $275,000 = $388,339

the principal balance after first payment = $5,000,000 - $388,339 = $4,611,661

now we must determine the term debt which means the amount of long term debt that will pass from long term liabilities to current liabilities because they must be paid during the period.

interest for the second year = principal balance x 5.5% = $4,611,661 x 5.5% = $253,641

principal included in the second payment = $663,339 - $253,641 = $409,698

since future interests are not included in the balance sheet, we can only pass the principal amount to current liabilities ⇒ $409,698

answer; dogs;

answer$225.00;