Business, 11.02.2020 01:10 ShugarLove4363
A corporation borrowed money from a bank to build a building. The long-term note signedby the corporation is secured by a mortgage that pledges title to the building as securityfor the loan. The corporation is to pay the bank $80,000 each year for 10 years to repaythe loan. Which of the following relationships can you expect to apply to the situation?
A. The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability.
B. The balance of mortgage payable will remain a constant amount over the 10-year period.
C. The amount of interest expense will decrease each period the loan is outstanding, whilethe portion of the annual payment applied to the loan principal will increase each period.
D. The amount of interest expense will remain constant over the 10-year period.
Answers: 1
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A corporation borrowed money from a bank to build a building. The long-term note signedby the corpor...
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