On January 1, 2025, a business borrowed $18,000 on a five-year, 5% notes payable. At December 31,

Question:

On January 1, 2025, a business borrowed $18,000 on a five-year, 5% notes payable. At December 31, 2025, the business should record

a. interest payable of $900.

b. notes receivable of $18,000.

c. cash payment of $18,000.

d. nothing.

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