Question: Transco signed a 15-year note payable on January 1, 2016, of $1,350,000. The note requires annual principal payments each December 31 of $90,000 plus interest
Transco signed a 15-year note payable on January 1, 2016, of $1,350,000. The note requires annual principal payments each December 31 of $90,000 plus interest at 9%. The entry to record the annual payment on December 31, 2020, includes O A. a credit to Notes Payable for $90,000. O B. a credito Cash of $211,500. O c. a debit to Interest Expense for $121,500. OD. a debit to Interest Expense for $89,100
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