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Anna Corp got a 2-year 2,500,000 loan from the bank at a 6% interest rate per year on July 1, 2014. They make annual interest payments on 6/30. The balance will be paid on 6/30/16. Calendar year reporting. 6/30/2014 $1.45 12/31/2014 1.47 6/30/2015 1.48 1

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Anna Corp got a 2-year 2,500,000 loan from the bank at a 6% interest rate per year on July 1, 2014. They make annual interest payments on 6/30. The balance will be paid on 6/30/16.;Calendar year reporting.;6/30/2014 $1.45;12/31/2014 1.47;6/30/2015 1.48;12/31/2015 1.49;6/30/2016 1.62;Prepare all journal entries using the above rates. Provide effective cost of borrowing for each of the 3 years.

 

Paper#75610 | Written in 18-Jul-2015

Price : $27
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