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Wolford Company borrowed $1,000,000 from U.S. Bank on January 1, 2013 in order to expand...

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Accounting

Wolford Company borrowed $1,000,000 from U.S. Bank on January 1, 2013 in order to expand its mining capabilities. The five-year note required annual payments of $260,436 and carried an annual interest rate of 9.5%. The annual payments are to be made on the 1st of January. What is the balance in the notes payable account at December 31, 2014?

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