Farris Company borrowed $800,000 from BankTwo on January 1, 2011 in order to expand its mining - 14089

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Request Description

Farris Company borrowed $800,000 from BankTwo on January 1, 2011 in order to expand its mining capabilities. The five-year note required annual payments of $208,349 and carried an annual interest rate of 9.5%. What is the balance in the notes payable account at December 31, 2012?

  • $800,000
  • $522,729
  • $648,000
  • $667,651
Solution Description

Farris Company borrowed $800,000 from BankTwo on January 1, 2011 in order to e