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What interest expense would be reported on December

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Question - John Company purchased a copyright from Tod Corporation on January 1, 20X4. John agreed to make payments of $10,000 per year for 5 years, with the first payment being made immediately. The copyright will also be amortized over 5 years. Assume an interest rate of 7 percent per year is appropriate. What interest expense would be reported on December 31, 20X5?

Reference no: EM133137585

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