What is the amount of expense harris must recognize

Reference no: EM13216136

Harris Company borrowed $800,000 from Liber Bank on January 1, 2013 in order to expand its mining capabilities. The five-year note required annual payments of $208,349 and carried an annual interest rate of 8.5%. What is the amount of expense Harris must recognize on its 2014 income statement?

Reference no: EM13216136

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