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Determine the interest expense for and the carrying value

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Question - On January 1, 2018, Stasny Company purchased land for a future warehouse site. A $50,000 down payment is made on that date. The 7%, ten-year loan requires annual payments of $70,000 to begin on December 31, 2018.

Determine the interest expense for 2019 and the carrying value of the note as of December 31, 2019, after the adjusting entry for interest expense has been made.

Reference no: EM132602154

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