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Question 8 (1 point) d Collins Company borrowed $750,000 from Bank Two on January 1, 2013 in order to expand its mining capabilities. The five-year

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Question 8 (1 point) d Collins Company borrowed $750,000 from Bank Two on January 1, 2013 in order to expand its mining capabilities. The five-year note required annual payments of $195,327 and carried an annual interest rate of 9.5%, what is the balance in the notes payable account at December 31, 2014? 1) $750,000 2) $490,059 3) $625,923 4) $607,500 Save Question 9 (1 point) d Wolford Company borrowed $1,000,000 from U.S. Bank on January 1,2013 in order to expand its mining capabilities. The five-year note required annual payments of $260,436 and carried an annual interest rate of 9.5%, what is the amount of expense Wolford must recognize on its 2014 income statement? 1) $95,000 2) $79,284 3) $70.259 4) $62,073

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