Multiple Choice
On December 1,2018,Modern Dining Products borrowed $84,000 on a 12%,5-year note with annual installment payments of $16,800 plus interest due on December 1 of each succeeding year.On December 1,the principal amount was recorded as a long-term note payable.What amount of the note payable will be shown as current portion of Long-Term Note Payable on the balance sheet as of December 31,2018? (Round your answer to nearest whole number.)
A) $16,800
B) $26,880
C) $10,080
D) $33,600
Correct Answer:
Verified
Correct Answer:
Verified
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