Blossom Service Company borrowed $700000 from Sheridan County Bank on January 1, 2024 in order to expand its data mining capabilities. The 5-year note required annual payments of $182305 and carried an annual interest rate of 9.5%. What is the amount of expense Blossom must recognize on its 2025 income statement? O $55499. O $43450. O $66500. O $49179.

Blossom Service Company borrowed $700000 from Sheridan County Bank on January 1, 2024 in order to expand its data mining capabilities. The 5-year note required annual payments of $182305 and carried an annual interest rate of 9.5%. What is the amount of expense Blossom must recognize on its 2025 income statement? O $55499. O $43450. O $66500. O $49179.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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