Blossom Service Company borrowed $700000 from Sheridan County Bank on January 1, 2024 in order to expand its data mining capabilities. The 5-year note required annual payments of $182305 and carried an annual interest rate of 9.5%. What is the amount of expense Blossom must recognize on its 2025 income statement? O $55499. O $43450. O $66500. O $49179.
Blossom Service Company borrowed $700000 from Sheridan County Bank on January 1, 2024 in order to expand its data mining capabilities. The 5-year note required annual payments of $182305 and carried an annual interest rate of 9.5%. What is the amount of expense Blossom must recognize on its 2025 income statement? O $55499. O $43450. O $66500. O $49179.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Blossom Service Company borrowed $700000 from Sheridan County Bank on January 1, 2024 in order to expand its data mining
capabilities. The 5-year note required annual payments of $182305 and carried an annual interest rate of 9.5%. What is the amount of
expense Blossom must recognize on its 2025 income statement?
O $55499.
O $43450.
O $66500.
○ $49179.
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