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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