Roxy Inc. issues a $1,500,000, 10%, 10-year mortgage note on December 31, 2018, to obtain financing for a new building. The terms provide for annual installment payments of $244,118.
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Michael is preparing the company's cash budget. when preparing the cash disbursements section, he includes inventory, labor, overhead, selling expenses, administrative expenses, depreciation, dividends, and income taxes.
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