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Debtor Inc. borrowed $60,000 from its bank on January 1, 2022 at a rate of...

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Accounting

Debtor Inc. borrowed $60,000 from its bank on January 1, 2022 at a rate of 6%. The loan is to be repaid in equal blended quarterly instalments of $1,293. The first instalment, due on April 1, is comprised of $393 in principal and $900 in interest. If the companys fiscal year-end is March 31, what will the total liability for this loan be on the statement of financial position?

Select answer from the options below

$69,707

$60,900

$59,607

$60,000

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