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What amount should the notes payable be shown on the dec

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On May 1, 2015, the Madison Company purchased two new company automobiles from Ford MotorsCorporation. The terms of the sale called for Madison to pay P 3,924,000 on April 30, 2016. Madison gave the seller a non-interest bearing note for this amount. At the date of purchase, the interest rate for short-term loans of this type was 9%.

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Question (a) At what amount should the Notes Payable be shown on the December 31, 2015 statement of financial condition of Madison Company?

Reference no: EM132578232

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