Business
Business, 20.09.2020 18:01, AM28

On October 31, a company finances the purchase of equipment with a $500,000 5-year note payable. The note has an interest rate of 12% and a monthly payment of $11,122, due at the end of each month. After two payments have been made, what amount should the company report as the note payable balance in its December 31 balance sheet? a. $490,061
b. $487,695
c. $477,756
d. $487,756

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On October 31, a company finances the purchase of equipment with a $500,000 5-year note payable. The...

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