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How much interest expense will Company report

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    Assignment ID: FG133136043

    Question – On January 1 of Year1, Company purchased a machine with a $6,000 loan. The loan required 5 equal payments on December 31 of each year. The annual interest rate was 6%. The annual payment (of interest and principle) was $1,425. In Year2, how much interest expense will Company report for this loan? Note, this is the SECOND year of the loan.

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