On Bennett's 20X1 Year-End Statement of fiNancial Position, the Book

Multiple Choice

On Bennett's 20X1 year-end statement of financial position, the book value of the liability for notes payable related to this purchase would equal which of the following?

A) $317,520
B) An amount less than $317,520.
C) An amount more than $317,520.
D) An amount more or less than $317,520 depending upon Bennett's income for the year.