Question
On September 1, 2009, Able Company purchased a building from Regal Corporation by paying $200,000 cash and issuing a one-year note payable for the balance
On September 1, 2009, Able Company purchased a building from Regal Corporation by paying $200,000 cash and issuing a one-year note payable for the balance of the purchase price. Interest on the note is stated at an annual rate of 9% and is paid at maturity. In its December 31, 2009, balance sheet, Able correctly presented the note and interest payable as follows: Interest payable = $18,000, Notes payable, 9%, due September 1, 2010 = $600,000. How much must Able pay Regal Corporation on September 1, 2010, when the note matures?
Question 18 options:
| $600,000.00 |
| $618,000.00 |
| $654,000. |
| Some other amount. |
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