Amount of interest expense recognized

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Reference no: EM13790056

On January 1, 2015, Lima Company purchases land having a fair value of $411,350 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $500,000. The amount of interest expense recognized for year 2015 would be which of the following:

$16,934

$17,258

$18,834

$20,568

Reference no: EM13790056

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