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Business, 04.11.2020 18:00 kam3864

On January 1, Year 1, Barnes Company issued a $100,000 installment note. The note had a 10-year term and an 8 percent interest rate. Barnes agreed to repay the principal and interest in 10 annual payments of $14,903 at the end of each year. The amount of interest expense shown on the Year 2 income statement is (round your answer to two decimal places).

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On January 1, Year 1, Barnes Company issued a $100,000 installment note. The note had a 10-year term...
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