Required information

Problem $1-47($LO $1-1,$ LO $1-2)($Static$)$

$[$The following information applies to the questions displayed below.$]$

Indicate the amount $($if any$)$ that Josh can deduct as an ordinary and necessary business deduction in each of the following situations.

Note: Leave no answers blank. Enter zero if applicable.

Problem $1-47$ Part$-$a $($Static$)$

a$.$ Josh borrowed $$50,000$ from First State Bank using his business assets as collateral. He used the money to buy City of Blanksville bonds. Over the couise of a year, Josh paid interest of $$4,200$ on the borrowed funds, but he received $$3,500$ of interest on the

Deductible amount

$$50,000$