Thanksgiving Industries borrowed $20,000,000 from Cornucopia Bank on January 1, 2018

Accounting Nov 26, 2020

Thanksgiving Industries borrowed $20,000,000 from Cornucopia Bank on January 1, 2018. The ten year note required annual payments of $2,500,000 and carried an interest rate of 10%. What is the balance in the Notes Payable account at December 31, 2019 after the annual payment has been allocated?

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