Business, 28.05.2020 18:57 aide1234564

At January 1, 2021, Dier Company was indebted to Fernandes Bank under a $700,000, 6% note. The note was signed January 1, 2018, and was due December 31, 2022. Annual interest was last paid on December 31, 2019. Dier was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. Fernandes Bank agreed to reduce last year's interest and the remaining two years' interest payments to $34,182.40 each and delay all payments until December 31, 2022, the maturity date. How much interest expense should Dier report approximately for 2022?

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At January 1, 2021, Dier Company was indebted to Fernandes Bank under a $700,000, 6% note. The note...

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