On January 1, 2018, Allgood Company purchased equipment and signed a six =year mortgage note for $110,000 at 15%. The note will be paid in equal annual installments of $29,066, beginning January 1, 2019. Calculate the portion of interest expense paid on the third installment. (Round your answer to the nearest whole number.) O A. S16,500 O B. $97,434 O C. $12,447 O D. S29,066

On January 1, 2018, Allgood Company purchased equipment and signed a six =year mortgage note for $110,000 at 15%. The note will be paid in equal annual installments of $29,066, beginning January 1, 2019. Calculate the portion of interest expense paid on the third installment. (Round your answer to the nearest whole number.) O A. S16,500 O B. $97,434 O C. $12,447 O D. S29,066

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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