Harris Company borrowed $800,000 from Liber Bank on January 1, 2013 in order to expand its mining capabilities. The five-year note required annual payments of $208,349 and carried an annual interest rate of 8.5%. What is the amount of expense Harris must recognize on its 2014 income statement

Answer rating: 100% (QA)

Interest Expenses 800000 x 85 68000 Total Payment in 2... View the full answer