On September 30, 2024, a company acquired a patent. The agreement specified that the company will pay $1,400,000 immediately and then another $1,400,000 on September 30, 2026. An interest rate of 8% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1) What amount of interest expense, if any, would the company record on December 31, 2024, the company's fiscal year end? Note: Round your answer to nearest whole dollar amount. Multiple Choice О о $24,006 $114,295 $75,546 $26,859 ?

On September 30, 2024, a company acquired a patent. The agreement specified that the company will pay $1,400,000 immediately and then another $1,400,000 on September 30, 2026. An interest rate of 8% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1) What amount of interest expense, if any, would the company record on December 31, 2024, the company's fiscal year end? Note: Round your answer to nearest whole dollar amount. Multiple Choice О о $24,006 $114,295 $75,546 $26,859 ?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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