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Business, 29.03.2021 20:00 arrow87654

"Proverbial Corp. signed a 6-year note relating to the purchase of a new delivery fleet; annual payments are due at the end of the year. Proverbial's effective interest rate is 8%. At the time of purchase, the company recorded the fleet at $200,000. At the end of the first year, the net book value has decreased to $160,000, while the carrying value of the note is $164,000. Interest expense relating to the second year should be"

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