On January 1, 2016, Brubeck Company purchased equipment and signed a six-year mortgage note for $160,000 at 15%. The note will be paid in equal annual installments of $42, 278, beginning January 1, 2017. Calculate the balance of Mortgage Payable alter the payment of the first installment. (Round your answer to the nearest whole number.)
a. $24,000
b. $117, 722
c. $141, 722
d. $120, 702
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