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  3. on january 1, 2012 fleming company borrowed 160,00

on January 1, 2012 Fleming company borrowed 160,000 cash from the First Trust Bank by...

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Accounting

on January 1, 2012 Fleming company borrowed 160,000 cash from the First Trust Bank by issuing a five year 8 % term note. The principal and interest are repaid by making annual payments beginning on December 31, 2012. The annual payment on the loan was 40,074. The amount of principal repayment included in the December 31 2012 payment is

27,274 40,575 37,329 27,615

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