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On January 1, 2018, Stasny Company purchased land for a future warehouse site.A $50,000 down payment is made on that date.The 7%, ten-year loan requires
On January 1, 2018, Stasny Company purchased land for a future warehouse site.A $50,000 down payment is made on that date.The 7%, ten-year loan requires annual payments of $70,000 to begin on December 31, 2018.
Determine theinterest expensefor 2019 and thecarrying valueof the note as of December 31, 2019, after the adjusting entry for interest expense has been made. (round each part to the nearest dollar)
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