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A company finances the purchase of equipment with a $500,000 five-year note payable. The note has an interest rate of 12% and a monthly payment

A company finances the purchase of equipment with a $500,000 five-year note payable. The note has an interest rate of 12% and a monthly payment of $11,122. After two payments have been made.

What amount should the company report as the note payable balance in its December 31 balance sheet?

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SOLUTION The note payable has a total of 5 x 12 60 monthly payments After two paymen... blur-text-image

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