Final answer:
The question involves a business transaction where Thompson Company acquires a building through a one year loan. To calculate details like monthly payments, we would need the interest rate and payment terms, which are not provided.
Step-by-step explanation:
The question pertains to a company purchased scenario involving Thompson Company acquiring a building. The purchase is made in exchange for a oneyear loan. To calculate the monthly payment or the interest rate of this loan, additional information such as the interest rate and payment terms would be required. Since this information is not provided in the question, it is not possible to calculate the exact monthly payments or the total cost of the loan after one year without making assumptions about interest rates and loan terms.
However, using the information provided, we can affirm that Thompson Company will have a liability in the form of a loan payable, which is generally recorded with corresponding interest expense over the term of the loan. The monthly payment would be calculated using the principal amount, interest rate, and the time frame of the loan.