Business, 21.12.2021 04:10, aidenbender06
20-on January 1, 2015, Barr Corporation borrowed $40,000 signing a 7% (annual rate) note for that amount. The terms of the note call for 3 annual installment payments of $15,242 due on the last day of each year. The interest expense reported on this note for 2016 should be:
a. The same amount as was reported in 2015.
b. A lower amount than was reported in 2015.
c. A higher amount than was reported in 2015.
Answers: 2
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20-on January 1, 2015, Barr Corporation borrowed $40,000 signing a 7% (annual rate) note for that am...
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