Question
On January 1, 2018, Benbrook Company purchased equipment and signed a six-year mortgage note for $160,000 at 15%. The note will be paid in equal
On January 1, 2018, Benbrook Company purchased equipment and signed a six-year mortgage note for $160,000 at 15%. The note will be paid in equal annual installments of $42,278, beginning January 1, 2019. Calculate the balance of Mortgage Payable after the payment of the first installment. (Round your answer to the nearest whole number.)
Select one:
A.$117,722
B.$120,702
C.$141,722
D.$24,000
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Accounting Information Systems
Authors: Vernon Richardson, Chengyee Chang, Rod Smith
2nd edition
1260153156, 1260153150, 978-1260153156
