On December 1, 2022, Barnes Inc. borrow $100,000 in the form of an installment loan to purchase a new building. The interest rate on the loan is 9% per year and the required payments are $800 per month (paid on last day of the month). What is the carrying value of the company's installment loan (Note Payable account only, NOT the related Interest Payable) reported on the 2022 balance sheet?

On December 1, 2022, Barnes Inc. borrow $100,000 in the form of an installment loan to purchase a new building. The interest rate on the loan is 9% per year and the required payments are $800 per month (paid on last day of the month). What is the carrying value of the company's installment loan (Note Payable account only, NOT the related Interest Payable) reported on the 2022 balance sheet?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EA: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest...

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