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Assume that Ripple Blockchain Company borrowed $5,000 on April 1, 2020 at 8% interest rate, the principle and interest are due in 12 months (on

Assume that Ripple Blockchain Company borrowed $5,000 on April 1, 2020 at 8% interest rate, the principle and interest are due in 12 months (on March 31, 2021).

How much interest expense will Ripple Blockchain recognize on the Income Statement for the year 2020?

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