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Question 16 Fornelli Corporation borrowed $800,000 from Central Bank on May 31, 2019. The three-year, 7% note required annual payments of $304,840 beginning May 31,

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Question 16 Fornelli Corporation borrowed $800,000 from Central Bank on May 31, 2019. The three-year, 7% note required annual payments of $304,840 beginning May 31, 2020. Interest expense for the year ended December 31, 2019, was $32,667 $37,333 $0 $56,000

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