In October,you Borrow $50,000,repayable in Five Years,at 8% Annual Interest,in

question 54

Multiple Choice

In October,you borrow $50,000,repayable in five years,at 8% annual interest,in order to buy new equipment.In March and again in September of the following year you pay half the annual interest to your creditors.Assuming no other long-term debt,what is the initial balance in the long-term debt account?

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

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