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Calculate the interest expense for this year

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Reference no: EM133002720

Question - Tweedsmuir Land Ltd has a substantial mortgage debt. The debt was $13 499 276 at the beginning of this year. Mortgage payments of $3 888 541 were made during the year and the mortgage balance was $10 851 299 at the end of the year. No new borrowing was made this year. Next year, the payments required total $4 105 640 and, if there is no new borrowing, the mortgage balance will be $7 742 879 at the end of next year.

Required -

a. Calculate the interest expense for this year?

b. Calculate the current portion of the mortgage liability at the end of this year?

c. Calculate the noncurrent mortgage liability at the end of this year?

Reference no: EM133002720

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