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Calculating Accrued Interest Expense The following table includes five separate short-term note payable scenarios. For each separate scenario, complete the last column in the
Calculating Accrued Interest Expense The following table includes five separate short-term note payable scenarios. For each separate scenario, complete the last column in the table by calculating interest expense accrued at the relevant fiscal year-end. Note: Round your answers to the nearest whole dollar. Note Payable 1 $20,000 note payable Issuance Date September 1, 2020 6-month 2 $20,000 note payable September 30, 2020 3 $8,000 note payable 4 $8,000 note payable 5 $40,000 note payable Term Stated Rate 6-month Fiscal Year-End 6% December 31 $ 6% December 31 $ Accrued Interest at Fiscal Year-End 500 x 375 x November 1, 2020 November 30, 2020 3-month May 31, 2020 12-month 3-month 8% December 31 $ 133 x 8% December 31 $ 10% November 30 $ 67 x 2,500 x
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