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On June 1, 2014 Siebens Enterprises loaned $20,000 to Tyler company for one year at 8 percent interest. Under the terms of the promissory note,
On June 1, 2014 Siebens Enterprises loaned $20,000 to Tyler company for one year at 8 percent interest. Under the terms of the promissory note, Tyler will repay the principal and pay one years interest on May 31, 2015. What amounts will Siebens report on its 2014 statement of cash flows? Is my answer correct?
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