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Question
wolford company borrowed $750,000 from u.s. bank on january 1, 2011 in order to expand its mining capabilities. the five-year note required annual payments of $195,327 and carried an annual interest rate of 9.5%. what is the amount of expense wolford must recognize on its 2012 income statement?
a.$71,250
b.$59,463
c.$52,694
d.$46,555
Answer
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