On January 1, 2024, a company acquired land for $7.5 million. the company paid $1.5 million in cash and signed a 5% note requiring the company to pay the remaining $6.0 million plus interest on December 31, 2025. An interest rate of 5% properly reflects the time value of money for this type of loan agreement.

 what amount of interest expense would company record on december 31, 2025 (two years later)?

Answer rating: 100% (QA)

On January 1 2024 a company acquired land for 75 million the company paid 15 million ... View the full answer