A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, 2018, is shown as follows. accounting period principal balance cash payment app. to interest app to principal 2018 136000 34965 12240 22725 2019 113275 34965 10195 24770 2020 88505 34965 7965 27000 what is the amount of interest expense on the loan?

A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, 2018, is shown as follows. accounting period principal balance cash payment app. to interest app to principal 2018 136000 34965 12240 22725 2019 113275 34965 10195 24770 2020 88505 34965 7965 27000 what is the amount of interest expense on the loan?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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accounting period	principal balance	cash payment	app. to interest	app to principal
2018	136000	34965	12240	22725
2019	113275	34965	10195	24770
2020	88505	34965	7965	27000