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What is the amount of interest expense that dcl will report

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Question: DCL Industries purchased a supply of mechanical components from E Corporation on November 1, 2020. In payment for the $48,000 purchase, DCL issued a one-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12%.The PV of an ordinary annuity of $1 used to calculate the payments was 11.25508.

What is the amount of interest expense that DCL will report in its income statement for the year ended December 31, 2020?

Reference no: EM132719236

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