On October 1, Year 1, Gold Co. borrowed $900,000 to be repaid in three equal, annual installments. The note payable bears interest at 5% annually. Gold paid the first installment of $300,000 plus interest on September 30, Year 2.
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Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $311,000 $276,000 Work in process 214,400 238,400 Finished goods 163,400 190,000 January 31 Direct labor $560,000
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