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How much gomez inc report on its december balance sheet

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    Assignment ID: FG133135256

    Question – Gomez, Inc. borrowed money from a bank, receiving $546,000 cash on Sept. 1, 2020. The loan is a simple interest loan, meaning the principal amount ($546,000) is not due until the due date (which is Sept. 1, 2030). The interest rate on the loan is six percent annually. The loan requires Gomez to pay interest once per year, on Sept. 1. Gomez pays the interest due on Sept. 1, 2021. How much will Gomez, Inc. report on its December 31, 2021 balance sheet for interest payable (assume full months, i.e., do not compute interest per day)?

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