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Which miralax company will record

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Problem 1: On September 1, 2019, Miralax Company signed a one-year noninterest bearing note payable with a face amount of $85,000 in exchange for new equipment valued at $80,000. On Sept 1, 2019 Miralax Company will record which of the following?

Option 1: Note Payable of $85,000.

Option 2: Cash of $5,000.

Option 3: Equipment of $80,000.

Option 4: Equipment of $85,000.

Reference no: EM132795928

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