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Record the accrual of interest on December

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Question - Samhill Co. approached a venture capitalist for financing to develop a ski hill. On April 1, 2017, the venture capitalist lent the company $416,800 at an interest rate of 5%. The loan is repayable over 5 years in fixed principal payments. The first payment is due March 31, 2018. The ski hill operator's year end will be December 31. Record the accrual of interest on December 31, 2017, and the instalment payment on March 31, 2018.

Reference no: EM132570227

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