Hello, please show work step by step for this problem. The answer is not 8520...
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Hello, please show work step by step for this problem. The answer is not 8520 for sure. Thank you
On November 1,2023 , Swifty Company, which is a calendar year, cash-basis taxpayer, borrowed $300,000 from National Bank at 1.94% interest per year. On December 22, 2023, Swifty Company paid $5,820 to the bank for the first year's interest on the loan. How much can Swifty Company deduct in 2023 for the interest paid? (Round answer to 0 decimal places, e.g. 125.) Deduction $
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