On January 1, 2008, you borrowed ($ 10,000) on a five-year, (8 %) note payable. At December
Question:
On January 1, 2008, you borrowed \(\$ 10,000\) on a five-year, \(8 \%\) note payable. At December 31, 2009, you should record
a. Interest payable of \(\$ 800\)
b. Nothing (The note is already on the books.)
c. Note receivable of \(\$ 10,000\)
d. Cash payment of 210,000
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