On May 1,2017,SBC INC

question 74

Multiple Choice

On May 1,2017,SBC INC.buys a computer listed for $12,600.The office supply store agrees to accept a $1,600 down payment and a $11,000,three-year note payable at $3,500 per year.The company's banker has suggested that an appropriate market rate is 11% per annum for loans that mature in one year or less and 14% for loans with longer maturities.At what amount will the note be recorded at in the accounting records?

• A) $1,800
• B) $8,126
• C) $8,553
• D) $11,000

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