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Posted on Jul 31, 2024

On December 1 , 2 0 2 2 , Barnes Inc. borrow $ 1 0 0 , 0 0 0 to purchase a new building.

On December

1, 2022,

Barnes Inc. borrow $

100, 000

to purchase a new building. The interest rate on the loan is

9 %

per year and the required payments are $

800

per month.

What is the carrying value of the company's loan

(

Note Payable account only, NOT the related Interest Payable

)

reported on the

2022

balance sheet?

99, 400

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