At the end of given period the gross profit method is required to estimate inventory.The valuation become invalid when the following are not available.the value for the beginning of inventory,records of purchase made, the total sale during the period and the gross profit margin.
Answer:
$26,600
Explanation:
the total amount of interest expense included in the first annual principal (or any annual payment actually) = principal's balance x yearly interest rate
$280,000 x 9.5% = $26,600
the principal's balance after the first payment = $280,000 - $26,600 = $253,400
the interest expense included in the second payment = $253,400 x 9.5% = $24,073
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