On July 1st, 2016, Alligator Supplies Inc. purchased a large piece of machinery for $1,840,000. The firm borrowed 65% of the money for the machinery from a bank and paid the remaining amount in cash. The bank gave the firm a loan requiring semiannual payments of $294,850 with a semiannual interest rate of 11%. Alligator Supplies records interest semiannually. What is the reduction in the note payable recorded by the firm on December 31st, 2016? Your Answer: Answer On July 1st, 2016, Alligator Supplies Inc. purchased a large piece of machinery for $1,600,000. The firm borrowed 75% of the money for the machinery from a bank and paid the remaining amount in cash. The bank gave the firm a loan requiring semiannual payments of $287,050 with a semiannual interest rate of 4%. Alligator Supplies records interest semiannually. What is the value of the equipment recorded on July 1st, 2016? Your