Farris Company borrowed $800,000 from BankTwo on January 1 in order to expand its mining capabilities. The
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Question:
Farris Company borrowed $800,000 from BankTwo on January 1 in order to expand its mining capabilities. The five-year note required annual payments of $208,349 and carried an annual interest rate of 9.5%. What is the balance in the notes payable account at December 31, 2018 after the first payment?
a. $800,000
b. $522,729
c. $667,651
d. $648,000
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Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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