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Fortsman Inc. began operations on January 1, 20X4. It prepares financial statements in accordance with IFRS. The following is a summary of selected financial information for the year ended December 31, 20X4:
Question 1: What amount should Fortsman have reported as interest expense for the year ended December 31, 20X4? For ease of computation, base your interest calculations on whole months outstanding, rather than number of days outstanding.
a) $ 8,000
b) $ 9,333
c) $17,333
d) $19,333
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