Multiple Choice
[The following information applies to the questions displayed below.]
On September 1,2018,Able Company purchased a building from Regal Corporation by paying $200,000 cash and issuing a one-year note payable for the balance of the purchase price.Interest on the note is stated at an annual rate of 9% and is paid at maturity.In its December 31,2018,balance sheet,Able correctly presented the note and interest payable as follows:
![[The following information applies to the questions displayed below.] On September 1,2018,Able Company purchased a building from Regal Corporation by paying $200,000 cash and issuing a one-year note payable for the balance of the purchase price.Interest on the note is stated at an annual rate of 9% and is paid at maturity.In its December 31,2018,balance sheet,Able correctly presented the note and interest payable as follows: -How much must Able pay Regal Corporation on September 1,2019,when the note matures? A) $600,000 B) $618,000 C) $654,000 D) $636,000](https://d2lvgg3v3hfg70.cloudfront.net/TB1009/11eaae1a_a305_2ee5_b09f_63a495b56dc0_TB1009_00.jpg)
-How much must Able pay Regal Corporation on September 1,2019,when the note matures?
A) $600,000
B) $618,000
C) $654,000
D) $636,000
Correct Answer:
Verified
Correct Answer:
Verified
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