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Save Answer Global Inc, assigns $4,000,000 of its accounts receivables as collateral for a $2,000,000, 4%, loan with a bank. Global Inc. also pays
Save Answer Global Inc, assigns $4,000,000 of its accounts receivables as collateral for a $2,000,000, 4%, loan with a bank. Global Inc. also pays a finance charge of 1% of the account receivable. What would be the debit to interest expense in the journal entry to record this transaction? O A. $40,000. O B. $160,000. OC. $80,000. OD.$20,000.
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
18th edition
538479736, 978-1111534783, 1111534780, 978-0538479738
