Question: Smarter Charters, Inc. borrows $ 7 , 0 0 0 from the bank on 1 0 / 2 1 / 2 0 2 0 .

Smarter Charters, Inc. borrows $7,000 from the bank on 10/21/2020. The company agrees to pay $10,000 in three years (on 10/20/2023). What amount should the company record as a liability on 10/21/2020?
$7,000
$8,500
2 $10,000
Smarter Charters, Inc. borrows $ 7 , 0 0 0 from

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