On January 1, Beck Incorporated purchased equipment of $ 100,000 with a long-term note payable. The.On January 1, Beck Incorporated purchased equipment of $ 100,000 with a long-term note payable. The.

On January 1, Beck Incorporated purchased equipment of $ 100,000 with a long-term note payable. The debt is payable in annual installments of $ 20,000 due on December 31 of each year. At the date of purchase, how will Beck Company report the note payable?