Question: On January 1 , 2 0 2 4 , the Mountain Company agreed to purchase a building by making six payments. The first three are

On January 1,2024, the Mountain Company agreed to purchase a building by making six payments. The first three are to be $34,000 each, and will be paid on December 31,2024,2025, and 2026. The last three are to be $49,000 each and will be paid on December 31,2027,2028, and 2029. Mountain borrowed other money at a 12% annual rate.
Required:
At what amount should Mountain record the note payable and corresponding cost of the building on January 1,2024?
How much interest expense on this note will Mountain recognize in 2024?

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