On Bennett's 20X1 year-end statement of ﬁnancial position, the book value of the liability for notes payable related to this purchase would equal which of the following?
A) $317,520
B) An amount less than $317,520.
C) An amount more than $317,520.
D) An amount more or less than $317,520 depending upon Bennett's income for the year.

Question

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The Answer of On Bennett's 20X1 year-end statement of ﬁnancial position, the book value of the liability for notes payable related to this purchase would equal which of the following?
A) $317,520
B) An amount less than $317,520.
C) An amount more than $317,520.
D) An amount more or less than $317,520 depending upon Bennett's income for the year.

On Bennett's 20X1 Year-End Statement of ﬁNancial Position, the Book