Question
Farris Company borrowed $800,000 from BankTwo on January 1, 2017 in order to expand its mining capabilities. The five-year note required annual payments of $208,349
Farris Company borrowed $800,000 from BankTwo on January 1, 2017 in order to expand its mining capabilities. The five-year note required annual payments of $208,349 and carried an annual interest rate of 8.5%. What is the balance in the notes payable account at January 1, 2019?
| $800,000 | ||
| $507,372 | ||
| $659,651 | ||
| $664,000 |
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Modern Accounting And Auditing Forms
Authors: Wendell
1st Edition
0882621769, 978-0882621760
