The Platte Corporation issues a 5-year note payable on Janua…
Questions
The Plаtte Cоrpоrаtiоn issues а 5-year note payable on January 1, Year 1 for $5,000. The interest rate is 5% and the annual payment of $1,156, due each December 31, includes both interest and principal. Which of the following shows the effect of the December 31, Year 1 payment? Balance Sheet Income Statement Statement of Cash Flows Assets = Liabilities + Stockholders' Equity Revenue − Expense = Net Income A. (1,156) (1,156) NA NA NA NA (1,156) FA B. (1,156) (906) (250) NA 250 (250) (906) FA (250) OA C. (1,156) NA (1,156) NA 1,156 (1,156) (1,156) OA D. (1,156) (906) (250) NA 250 (250) (1,156) FA
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