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Wahoo Company receives $378,000 when it issues a $378,000, 10%, mortgage note payable to finance...

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Question

Accounting

Wahoo Company receives $378,000 when it issues a $378,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $63,000 on December 31.

What is the amount of interest expense that Wahoo Company records as of December 31, 2022? (Hint: Pay attention to dates.)

Group of answer choices

$27,720

$37,800

$25,200

$35,280

Answer & Explanation Solved by verified expert
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