On January 1, 2010, 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, 2010. The annual payment on the loan was $40,074. The amount of principal repayment included in the December 31, 2010 payment is

On January 1, 2010, 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, 2010. The annual payment on the loan was $40,074. The amount of principal repayment included in the December 31, 2010 payment is

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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