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Cheyenne Corp. is a cash-basis business. Cheyenne signed a 6-month, 13% note payable of $10000 on October 1 st , 2017. By recording the interest
Cheyenne Corp. is a cash-basis business. Cheyenne signed a 6-month, 13% note payable of $10000 on October 1st, 2017. By recording the interest expense related to the note only when it is paid on April 1st, 2018, Cheyenne will understate expenses by ________ on its year-end financial statements on December 31st, 2017.
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