On October 1, 2022, ABC borrows $20,000 from the bank. The loan is to be...
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Accounting
On October 1, 2022, ABC borrows $20,000 from the bank. The loan is to be repaid on March 31, 2023. The annual interest rate on the loan is 10%. All interest should be calculated monthly (not daily).
Given this information, what is the total is the impact to the income statement for the year ended December 31, 2023?
If the impact is positive, please enter the amount as a positive number with no dollar signs or commas. For example, if the answer is $2,100, enter 2100. If the number is negative, please enter -2100.
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