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On August 1, Year 1, Jackson Company issued a one-year $44,000 face value interest-bearing note with a stated interest rate of 9.00% to Galaxy
On August 1, Year 1, Jackson Company issued a one-year $44,000 face value interest-bearing note with a stated interest rate of 9.00% to Galaxy Bank. Jackson accrues interest expense on December 31, Year 1, its calendar year-end. What is the cash flow from financing activities that will be reported during the year ending December 31, Year 1? Multiple Choice $0 $44,000 inflow $45,650 inflow $(47,960) outflow
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