Exhibit 14-15
Elaine, Inc. issued a seven-year non-interest-bearing note with a face value of $20,000 and received $13,301. Actuarial information for seven periods is as follows:
-Refer to Exhibit 14-15.What is the interest expense for the first year?

Question

Exhibit 14-15
Elaine, Inc. issued a seven-year non-interest-bearing note with a face value of $20,000 and received $13,301. Actuarial information for seven periods is as follows: 
-Refer to Exhibit 14-15.What is the interest expense for the first year?

Quizplus · Accepted Answer

The interest expense for the first year is calculated based on the given interest rate and the principal amount. Without the specific details from Exhibit 14-15, such as the interest rate and the principal amount, the correct answer cannot be determined through calculation. However, based on the provided options, if C) $798.06 is the correct answer, it suggests that this value was calculated according to the details provided in Exhibit 14-15, which are not visible in this format.

Exhibit 14-15 Elaine, Inc. Issued a Seven-Year Non-Interest-Bearing Note with a Face