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7) On January 1,2019, Climax Corporation signed a $10,000,000,6%,10-year mortgage note to finance the ...

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Accounting

7) On January 1,2019, Climax Corporation signed a $10,000,000,6%,10-year mortgage note to finance the
construction of its new hotel in Cancun. The note will be repaid in 10 equal annual installments of $1,358,679.
Over the 10-year period, as each installment payment is made, the amount that Climax Corporation will show
on its balance sheet for the mortgage payable will
A) increase
B) decrease
C) stay the same
D) The answer cannot be determined from the information given.

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