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7 Phipps Company borrowed $28,000 cash on October 1, 2019, and signed a nine-month, 7% interest bearing note payable with interest payable at maturity. The

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7 Phipps Company borrowed $28,000 cash on October 1, 2019, and signed a nine-month, 7% interest bearing note payable with interest payable at maturity. The amount of interest expense to be reported during 2020 is which of the following? OR 27 Multiple Choice $490 $1470 $980

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