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On January 1, 2008, ABC Company borrowed $150,000 from the bank. The loan is a...

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Accounting

On January 1, 2008, ABC Company borrowed $150,000 from the bank. The loan is a 10-year note payable

that requires annual payments of $24,500 every December 31, beginning December 31, 2008. Assume the

loan has a 10% annual interest rate.

Calculate the amount of the note payable at December 31, 2009 that would be classified as a long-term

liability.

Please include work so that I can follow your logic. Thank You!

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