On January 1,2018,Benbrook Company Purchased Equipment and Signed a Six-Year

On January 1,2018,Benbrook 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 1,2019.Calculate the balance of Mortgage Payable after 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