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What is the carrying value of the note on december

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Question - On January 1, 2017, Aggie Security Systems purchased a new piece of high-tech security equipment. Aggie financed this purchase by making a cash down payment of $8,000 and agreeing to pay $60,000 at the end of 8 years. Assume interest is compounded annually. The equipment should be recorded on January 1, 2017, at what amount, assuming an appropriate interest rate of 5%. What is the carrying value of the note on December 31, 2018?

Reference no: EM132119358

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