Question
On January 1, 20X2, Mr. X loaned an entrepreneur $25,000 at 5% annual interest. Mr. X also incurred loan registration fees of $750. In 20X5,
On January 1, 20X2, Mr. X loaned an entrepreneur $25,000 at 5% annual interest. Mr. X also incurred loan registration fees of $750. In 20X5, Mr. X setup a reserve for unpaid interest of $3,000 as he not received any interest or principal repayments due to financial hardships of the entrepreneur. How much of these expenses can Mr. X deduct in 20X5?
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Accounting Chapters 1-13
Authors: Carl Warren
27th Edition
1337272108, 978-1337272100
