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Vaughn Manufacturing borrowed $740000 from Liber Bank on January 1, 2016 in order to expand its mining capabilities. The five-year note required annual payments of
Vaughn Manufacturing borrowed $740000 from Liber Bank on January 1, 2016 in order to expand its mining capabilities. The five-year note required annual payments of $199800 and carried an annual interest rate of 8.5%. What is the amount of expense Vaughn must recognize on its 2017 income statement? 0 $51264 O $39892 $62900 O $45935
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