Question
Forest industries purchased a supply of electronic components from Apple corporation on October 31, 2021. In...
Forest industries purchased a supply of electronic components from Apple corporation on October 31, 2021. In payment for the $1,000,000 purchase, Forest Inc. issued a 1-year installment note to be paid in each monthly payment of $90,000 at the end of each month. The payment include interest at the rate of 12%. What is the amount of interest expense that Forest will report in its income statement for the year ended December 31,2021?
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