Q) On January 1, 2017, Texas Inc. obtained a $50,000, four-year, 7% installment note from Arkansas Bank. The note requires four annual payments of $14,761, beginning on December 31, 2017. The portion of the Notes Payable that would be included in the current liability section of Texas's balance sheet at December 31, 2017, after the first payment is made would be: A) $35,239 B) $38,739 C) $12,049 D) $14,761

Q) In a finance lease, the lessee would record the right of use asset and lease payable at the: A) The future value of the minimum lease payments. B) The sum of the cash payments over the term of the lease. C) Present value of the minimum lease payments. D) The fair market value of the leased asset.