Question: Calibri 11. B IV A. A E7-27A. Larry the Locksmith needed some long-term financing and arranged for a $200,000, 20- year mortgage loan on 12/31/2009.

Calibri 11. B IV A. A E7-27A. Larry the Locksmith needed some long-term financing and arranged for a $200,000, 20- year mortgage loan on 12/31/2009. The interest rate is 7% per year, with $20,000 (rounded) payments made at the end of each year, starting 12/31/2010. 1. What is the amount of interest expense related to this loan for 2010? 2. What is the amount of liability should appear on the 12/31/2010, balance sheet? 3. What is the amount of interest expense related to this loan for 2011? 4. What is the amount of liability should appear on the 12/31/2011, balance sheet

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