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On Septerrber 1. Yea 1. Able Company purchared a butlding from Regal Corporabon by payng $200.000 cash and issung a one-year note poyable for the

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On Septerrber 1. Yea 1. Able Company purchared a butlding from Regal Corporabon by payng $200.000 cash and issung a one-year note poyable for the balsnce of the purchiase price Interest on the note is stated at an annud rate of 9% and is pod at maturity in its Decentbef 31 , Year 1 , balance sheet. Able correcty presented the note and interest payabie as folows Interest payable Notes payable, 9%, due septeaber-1, Year The odjusting entry ot Decenber 31, Yeor li wet respect to this note included: Mivede Choice

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