On january 1, 2020 Marseto Corporation borrows $1,000,000 on a 10%, five-year interest-bearing note

Management Jan 22, 2021

On january 1, 2020 Marseto Corporation borrows $1,000,000 on a 10%, five-year interest-bearing note. At December 31, 2020, the fair value of the note is determined to be $975,000. Marseto irrevocably elects the fair value option in measuring the note payable. what is the carrying amount of the note payable on dec. 31, 2020