Business, 04.06.2020 13:16 famouzgal

On September 1, 2018, Able Company purchased a building from Regal Corporation by paying $580,000 cash and issuing a one-year note payable for the balance of the purchase price. Interest on the note is stated at an annual rate of 11% and is paid at maturity. In its December 31, 2018, balance sheet, Able correctly presented the note and interest payable as follows: Interest Payable: $ 19,800

Notes Payable, 11% due September 1, 2019 $540,000

1. How much must Able pay Regal Corporation on September 1, 2019, when the note matures?

2. What is the amount of the interest expense Able will recognize on this note in 2019?

3. What is the total cash (including interest) paid for the building purchased by Able?

4. The company's annual payroll-related expenses amount to approximately?

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On September 1, 2018, Able Company purchased a building from Regal Corporation by paying $580,000 ca...

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