On June 1, 2022, Oakcrest Company signed a three-year $110,000 note payable with 9 percent interest. Interest
Question:
On June 1, 2022, Oakcrest Company signed a three-year $110,000 note payable with 9 percent interest. Interest is due on June 1 of each year beginning in 2023. What amount of interest expense should be reported on the income statement for the year ended December 31, 2022?
a. $5,250
b. $9,900
c. $4,950
d. $5,775
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Related Book For 
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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