Madison Company issued an interest-bearing note payable with a face value of $30,000 and a stated interest rate of 8% to Metropolitan Bank on August 1, Year 1. The note carried a one-year term.Based on this information alone, what is the amount of total liabilities appearing on Madison's balance sheet as of December 31, Year 1?
A. $31,000
B. $31,400
C. $32,400
D. $30,000
Answer: A
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