Question 17 The Halogen Corporation issued a 5-year note payable on January 1, 2018 for $2,500. The interest rate is 5%

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Question 17 The Halogen Corporation Issued A 5 Year Note Payable On January 1 2018 For 2 500 The Interest Rate Is 5 1 (41.11 KiB) Viewed 71 times

Question 17 The Halogen Corporation issued a 5-year note payable on January 1, 2018 for $2,500. The interest rate is 5% and the annual payment of $578, due each December 31, includes both interest and principal. Which of the following answers correctly states the effect of the issuance of the note on Halogen's financial statements on January 1, 2018? Choice A: Notes Payable, Stockholder's Equity and Net Income all decrease Choice B: Assets and Notes Payable increases Choice C: Assets, Stockholder's Equity and Net Income all increase Choice D: None of the choices given are correct. O Choice C O Choice B 3.57 pts Choice A O Choice D.