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03-01-2024
Business

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On July 1, 2024, a company acquired equipment. The company paid $179,000 in cash on July 1, 2024, and signed a $659,000 noninterest-bearing note for the remaining balance which is due on July 1, 2025. An interest rate of 7% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1) What amount of interest expense will be reported for its year ended December 31, 2024?
Multiple Choice
a. $23,065
b. $46,130
c. $43,112
d. $21,556

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