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The note will be paid in equal annual installments of 29066

Question - On January 1, 2016, Brubeck Company purchased equipment and signed a six-year mortgage note for $110,000 at 15%. The note will be paid in equal annual installments of $29,066, beginning January 1, 2017. Calculate the balance of Mortgage Payable after the payment of the first installment.

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Accounting Basics: The note will be paid in equal annual installments of 29066

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