Question: QUESTION 12 On March 1, 2015, Vantage Services issued a 5% long-term notes payable for $15,000 It is payable over a 3-year term in $5,000

QUESTION 12 On March 1, 2015, Vantage Services issued a 5%

QUESTION 12 On March 1, 2015, Vantage Services issued a 5% long-term notes payable for $15,000 It is payable over a 3-year term in $5,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2016. Each yearly installment will include both principal repayment of $5,000 and interest payment for the preceding one-year period. On March 1, 2016, O Vantage must accrue $5,000 of Interest Expense O Vantage must accrue for the coming $5,000 as current portion of principal payment O Vantage must pay out $750 of Interest Expense to the note holder O Vantage will receive $5,000 as an installment payment QUESTION 13

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