On September 1, Year 1. Able Company purchased a building from Regal Corporation by paying $420,000 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 10% and is paid at maturity. In its December 31, Year 1, balance sheet, Able correctly presented the note and interest payable as follows: Interest payable $14,000 Notes payable, 10%, due September 1, Year 2 $420,000 What is the total cash (including interest) paid for the building purchased by Able? $840,000 $868,000 Correct Answer $882,000 $826,000