Fred Corp. purchased a building on January
1^(st )
by signing a long-term
$3,750,000
mortgage with annual payments of
$726,000
. The mortgage carries an interest rate of
9%
. How much is recorded as interest expense at the end of Year 1?

Question

Fred Corp. purchased a building on January

1^(st )

by signing a long-term

$3,750,000

mortgage with annual payments of

$726,000

. The mortgage carries an interest rate of

9%

. How much is recorded as interest expense at the end of Year 1?

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