Use the Present Value and Future Value Tables Included in Appendix

question 67

Multiple Choice

Use the present value and future value tables included in Appendix 8 and on the textbook companion website.
- If equipment is purchased by issuing a 10-year, $200,000 interest bearing note at a stated rate of 8 percent (payable annually) , the first interest payment, assuming it has not been previously accrued, would be entered in the accounting records by

• A) Crediting interest expense for $16,000
• B) Debiting notes payable for $16,000
• C) Debiting cash for $16,000
• D) Debiting interest expense for $16,000

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