An installment note payable for a principal amount of $94,000 at 6% interest requires Lawson Company to repay the principal and interest in equal annual payments of $22,315 beginning December 31,

of the first year, for each of the next five years. After the final payment, the carrying amount on the note will be A. $1 B. $22,315 C. $21,053 D. $1,263