In October,you Sign a Note for $50,000 in Order to Buy

question 208

Multiple Choice

In October,you sign a note for $50,000 in order to buy new equipment.The note is due in five years,at 8% annual interest.Semiannual interest payments are due each March and September.Assuming no other long-term debt,what is the initial balance in the related long-term debt account?

• A) $46,000
• B) $50,000
• C) $52,000
• D) $54,000

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