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Ugo [173]
3 years ago
6

On March​ 1, 2016, Emerson Services issued a​ 9% long-term notes payable for​ $20,000. It is payable over a​ 5-year term in​ $4,

000 annual principal payments on March 1 of each year plus​ interest, beginning March​ 1, 2017. Each yearly installment will include both principal repayment of​ $4,000 and interest payment for the preceding​ one-year period. On March​ 1, 2017,​ ________. The accounting period ends on December 31.
Business
1 answer:
Scrat [10]3 years ago
4 0

Answer:

Emerson must pay $1,800 of interest to the note holder.

Explanation:

Interest Expense = $20,000 x 0.09

Interest Expense = $1,800

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<h2>hope it helps you.</h2>
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