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Swifty Corporation borrowed $660000 from Liber Bank on January 1, 2019 in order to expand its mining capabilities. The five-year note required annual payments

Swifty Corporation borrowed $660000 from Liber Bank on January 1, 2019 in order to expand its mining capabilities. The five-year note required annual payments of $178200 and carried an annual interest rate of 8.50%. What is the amount of expense Swifty must recognize on its 2020 income statement?

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