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Madison Company issued an interest-bearing note payable with a face amount of $12,600 and a...

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Accounting

Madison Company issued an interest-bearing note payable with a face amount of $12,600 and a stated interest rate of 8% to the Metropolitan Bank on August 1, Year 1. The note carried a one-year term. Based on this information alone, the amount of total liabilities appearing on Madison's Year 1 balance sheet would be:

Multiple Choice:

A) $13,608

B) $13,188

C) $12,600

D) $13,020

Answer & Explanation Solved by verified expert
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