On December 1, a company signed a $6,000, 90-day, 5% note payable, with principal plus interest due
Question:
On December 1, a company signed a $6,000, 90-day, 5% note payable, with principal plus interest due on March 1 of the following year. What amount of interest expense should be accrued at December 31 on the note?
a. $300
b. $25
c. $100
d. $75
e. $0
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