On January 1, 2021, BFG Limited issues a $ 27,232, 5% 3-year note payable. The note calls for three annual payments of $ 10,000, blended principal and interest. The first payment is to be made on December 31, 2021. On December 31, 2022, BFG will report interest expense of
A) $ 1,000.
B) $ 1,362.
C) $ 930.
D) $ 10,000.
Correct Answer:
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