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Fred Corp. purchased a building on January 1 st by signing a long - term $ 3 , 7 5 0 , 0 0 0

Fred Corp. purchased a building on January

1

st by signing a long

-

term $

3, 750, 000

mortgage with annual payments of $

726, 000 .

The mortgage carries an interest rate of

9 % .

How much is recorded as a reduction to cash in Year

1 ?

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