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Hurricane Corporation Big Piece of Equipment purclased January, 2018. First payment was April 1, 2018 You are auditing a client which has an installment loan
Hurricane Corporation Big Piece of Equipment purclased January, 2018. First payment was April 1, 2018 You are auditing a client which has an installment loan on a material piece of equipment. The audit program requires you to deternine the fair presentation of interest expense. The company is on a calendar year. Prepare a workpaper to determine the fair presentation of interest expense. I am not going to tell you how do the calculation etc... You are provided with an accurate amortization table that the you harvested from your firm's permanent file. (you can assume the amortization schedule is accurate). The unadjusted client trial balance reports interest expense of $48,138. THE AUDIT YEAR IS 2020 Hint: pretend you are getting married, don't forget to "propose
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