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During 2021, Grason Company (1) paid $1,000 interest to Bank of America, (2) paid principal of $10,000 borrowed previously from Bank of America, (3) received
During 2021, Grason Company (1) paid $1,000 interest to Bank of America, (2) paid principal of $10,000 borrowed previously from Bank of America, (3) received interest of $500 on a note receivable, and (4) collected principal of $15,000 on notes receivable. Discuss how the $1,000 interest payment, the $10,000 principal payment, the $500 interest received, and the $15,000 principal received should be classified on Grason's statement of cash flows
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