Question: NEED HELP WITH THIS QUESTION On January 1, Year 1, the ABC Company purchased a machine and signed a note promising to pay $30,000 in

NEED HELP WITH THIS QUESTION

On January 1, Year 1, the ABC Company purchased a machine and signed a note promising to pay $30,000 in 3 years, on December 31, Year 3. This amount represents the total amount that ABC will pay in this transaction. The machine is custom made and not easily appraised. ABC's implicit interest rate is 8%. What amount would ABC show in the note payable account on its December 31, year 1 balance sheet? (Select ONE best answer.) 23,815 32,400 30,000 25.720

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