Camrey Company Issued a Five-Year, Interest-Bearing Note Payable for $50,000

question 11

Multiple Choice

Camrey Company issued a five-year, interest-bearing note payable for $50,000 on January 1, 2019. Each January Camrey is required to pay $10,000 principal on the note. What is the amount that will be reported on the long-term portion of long-term notes payable on the December 31, 2021 balance sheet?

• A)$10,000
• B)$40,000
• C)$30,000
• D)$20,000

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