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Frosty Inc. borrowed $4.4 million from its local bank on January 1, 2021, and issued a 4-year installment note to be paid in four
Frosty Inc. borrowed $4.4 million from its local bank on January 1, 2021, and issued a 4-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 7%. Installment payments are $1,299,004 annually. What amount would be reported in the cash flow from operations section of the cash flow statement? Inflow $1,299,004 O Outflow of $991,004 None of the above. O Inflow of $4,400,000 O Outflow of $308,000
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