The Green Parrot purchased land valued at $71,446 by paying $10,000 cash on the purchase date and agreeing to pay $10,000 for each of the next ten years beginning one-year from the purchase date. Theinterest rate in the loan is 10%. What is the amount of interest expense for the first payment?

A. $10,000

B. $11,000

C. $6,145

D. $7,145

49. What is the balance of the loan after the first payment?

A. $90,000

B. $51,446

C. $100,000

D. $57,591

Petes Restaurant has a beginning balance in the equipment account of $137,000. During the year, the company purchased $245,000 worth of equipment. At the end of the year, the balance in the equipment account was $315,000. The cost of the equipment that Pete sold was:

A. $58,000.

B. $67,000.

C. $108,000.

D. $178,000.