Question
Kimiko company borrowed a $5,400,000 notes payable from Z bank at September 1, 2004. The first annual payment for the interest and principal is on
Kimiko company borrowed a $5,400,000 notes payable from Z bank at September 1, 2004. The first annual payment for the interest and principal is on September 1, 2005. The note has a 12% interest and is payable in three equal annual principal payments of $1,800,000. What is the total interest expense for the year 2005?
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Auditing Cases An Interactive Learning Approach
Authors: Mark S Beasley, Frank A. Buckless, Steven M. Glover, Douglas F Prawitt
7th Edition
0134421825, 9780134421827
