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A company borrowed money on a note payable. The amounts borrowed was $ 4 0 0 , 0 0 0 . The amount was borrowed

A company borrowed money on a note payable. The amounts borrowed was

400, 000 .

The amount was borrowed on July

1,

Year

3

and is due on May

31,

Year

4 .

The interest rate is

10 %

annually. The year

end is December

31 .

How much interest

expense is recognized in these years?

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