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On January 1 , 2 0 2 4 , Pharoah Company issued for cash a $ 5 4 0 0 0 0 , 5 -

On January 1,2024, Pharoah Company issued for cash a $540000,5-year note bearing annual interest at 10% to Brown, Inc. The market rate of interest for a note similar risk is 12%. What interest expense would be recorded on December 31,2024? $60128; $0; $54000; $50107

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