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What amount of interest expense should zellie co record

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Question - Zellie Co. bought a machine on December 31, 2021 and agreed to pay the seller $4,000 annually for 5 years (starting on December 31, 2022). Assuming an annual effective interest rate of 8%, Zellie Co. made the following journal entry to record the purchase.

Machine 15,970.84

Note Payable 15,970.84

Required - What amount of interest expense, if any, should Zellie Co. record for the year ending December 31, 2022 related to this note payable?

Reference no: EM133168936

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