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Collins Company borrowed $750,000 from BankTwo on January 1, 2013 in order to expand its mining capabilities. The five-year note required annual payments of $195,327 and carried an annual interest rate of 9.5%. What is the amount of expense Collins must recognize on its 2014 income statement?
Long-Arm Statute
A state statute that permits a state to obtain jurisdiction over nonresidents. The nonresidents must have certain "minimum contacts" with that state for the statute to apply.
Geographic Area
A specific physical location defined by natural or artificial boundaries.
Federal-Question Jurisdiction
pertains to the authority of federal courts to hear cases that involve the interpretation and application of the U.S. Constitution, federal laws, or treaties.
Exclusive Jurisdiction
Jurisdiction that exists when a case can be heard only in a particular court, such as a federal court.
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