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Harris Company borrowed $800,000 from Liber Bank on January 1, 2013 in order to expand its mining capabilities. The five-year note required annual payments of
Harris Company borrowed $800,000 from Liber Bank on January 1, 2013 in order to expand its mining capabilities. The five-year note required annual payments of $208,349 and carried an annual interest rate of 8.5%. What is the amount of expense Harris must recognize on its 2014 income statement
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Managerial Accounting
Authors: Ray H Garrison, Alan Webb, Theresa Libby
11th Canadian Edition
1259275817, 978-1259275814
