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On January 1, Tom Company issued a 4-year $28,000 noninterest-bearing note for $23,044. The implicit rate is 5%. On December 31 of Year 1 there
- On January 1, Tom Company issued a 4-year $28,000 noninterest-bearing note for $23,044. The implicit rate is 5%. On December 31 of Year 1 there is
- Cash paid of 28,000 x .05.
- Interest expense of 28,000 x .05.
- Interest expense of 23,044 x .05.
- Cash paid of 12,594 x .06
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Physics
Authors: James S. Walker
5th edition
978-0133498493, 9780321909107, 133498492, 0321909100, 978-0321976444
