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Big Cheese borrowed $500,000 from Little Cheese on September 0, 2024. Interest is payable annually at 6% and the loan is due in one

Big Cheese borrowed $500,000 from Little Cheese on September 0, 2024. Interest is payable annually at 6% and the loan is due in one year. The market rate of interst on similar loans is 5%. What will be the amount charged to interest expense for Big Cheese's year-ended December 31, 2024 pertaining to this note payable? 10027 I

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