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Madison Company issued an interest-bearing note payable with a face amount of $6,000 and a stated interest rate of 8% to the Metropolitan Bank on
Madison Company issued an interest-bearing note payable with a face amount of $6,000 and a stated interest rate of 8% to the Metropolitan Bank on August 1, Year 1. The note carried a one-year term.
Based on this information alone, the amount of total liabilities appearing on Madison's Year 1 balance sheet would be:
Multiple Choice
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$6,000
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$6,200
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$6,280
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$6,480
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