On december 1 year 1 bradley corporation incurs a 15-year

Reference no: EM13485311

On December 1, Year 1, Bradley Corporation incurs a 15-year $270,000 mortgage liability in conjunction with the acquisition of an office building. This mortgage is payable in monthly installments of $2,200, which include interest computed at the rate of 8% per year. The first monthly payment is made on December 31, Year 1.

How much of the first payment made on December 31, Year 1, represents interest expense?

Reference no: EM13485311

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