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Business, 05.05.2020 23:35 baleighharris

At January 1, 2021, Barella Company was indebted to Vecino Bank under a $600,000, 5% note. The note was signed January 1, 2018, and was due December 31, 2022. Annual interest was last paid on December 31, 2019. Barella was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. Vecino Bank agreed to reduce last year's interest and the remaining two years' interest payments to $40,429 each and delay all payments until December 31, 2022, the maturity date. How much interest expense should Barella report approximately for 2022?

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At January 1, 2021, Barella Company was indebted to Vecino Bank under a $600,000, 5% note. The note...
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