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View Policies Current Attempt in Progress 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? O $35580 O $45722 O $40969 O $56100

View Policies Current Attempt in Progress 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? O $35580 O $45722 O $40969 O $56100

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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View Policies Current Attempt in Progress 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? O $35580 O $45722 O $40969 O $56100
Transcribed Image Text:View Policies Current Attempt in Progress 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? O $35580 O $45722 O $40969 O $56100
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