Question
On January 1, 2020, JMW, Inc. borrowed $200,000 from the bank, and agreed to make one payment of $212,000 on January 1, 2024 in settlement
On January 1, 2020, JMW, Inc. borrowed $200,000 from the bank, and agreed to make one payment of $212,000 on January 1, 2024 in settlement of the loan. JMW's annual financial statements for the year ending December 31, 2022 will show:
Group of answer choices
Note payable of $200,000, interest expense of $3,000, and interest payable of $3,000
Note payable of $200,000, interest expense of $9,000, and interest payable of $3,000
Note payable of $200,000, interest expense of $3,000, and interest payable of $12,000
Note payable of $200,000, interest expense of $3,000, and interest payable of $9,000
None of the above
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