[The Following Information Applies to the Questions Displayed Below

Multiple Choice

[The following information applies to the questions displayed below.]

Madison Company issued an interest-bearing note payable with a face value of $24,000 and a stated interest rate of 8% to Metropolitan Bank on August 1, Year 1. The note carried a one-year term.

-Based on this information alone,what is the amount of total liabilities appearing on Madison's balance sheet as of December 31,Year 1?

A) $24,720
B) $24,800
C) $25,920
D) $24,000