Buffon Electronics Company issues a $1,000,000, 10%, 20-year mortgage note on January 1. The terms provide for
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Buffon Electronics Company issues a $1,000,000, 10%, 20-year mortgage note on January 1. The terms provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $58,276. After the first installment payment, the principal balance is
a. $1,000,000
b. $983,034
c. $991,724
d. $779,125
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Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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