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Alden Trucking Company is replacing part of its fleet of trucks by purchasing them under a note agreement with Kenworthy on January 1, 2016. Alden

Alden Trucking Company is replacing part of its fleet of trucks by purchasing them under a note agreement with Kenworthy on January 1, 2016. Alden financed $37,908,000 in a note agreement that will require $10 million in annual payments starting on December 31, 2016 and continuing for a total of four more years (final payment December 31, 2020). Kenworthy will charge Alden Trucking Company the market interest rate of 10% compounded annually. On January 1, 2016, Alden will record a note payable in the amount of: Select one: A. $41,698,000. B. $37,908,000. c. $40,000,000. D. $50,000,000

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