Question: Americo signed a 8-year note payable on January 1, 2018, of $520,000. The note requires annual principal payments each December 31 of $65,000 plus interest
Americo signed a 8-year note payable on January 1, 2018, of $520,000. The note requires annual principal payments each December 31 of $65,000 plus interest at 14%. The entry to record the annual payment on December 31, 2021, includes OA. a debit to Interest Expense for $72,800. O B. a credit to Cash of $137,800. O C. a debit to Interest Expense for $45,500. O D. a credit to Notes Payable for $65,000
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