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Modivan Company issued an interest-bearlng note payable with a face amount of $24,600 and a stated interest rate of 895 to the Metropolitan Bank on

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Modivan Company issued an interest-bearlng note payable with a face amount of $24,600 and a stated interest rate of 895 to the Metropolitan Bank on August 1 Year 1 . The note carried a one-year term. Gased on this information alone, the amount of total liabilites appearing on Madison's Year 1 balance sheet would be: Multiple cholce 525,748 525,420 $26,568 $24,600

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