Question
Entity M signed a six-month note payable in the amount of $60,000 on October 1. The note requires interest at an annual rate of 7%.
Entity M signed a six-month note payable in the amount of $60,000 on October 1. The note requires interest at an annual rate of 7%. The amount of interest expense Entity M must recognize at December 31 is:
| $4,200. | ||
| $350. | ||
| $1,050. | ||
| $1,200. |
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Accounting The Ultimate Guide To Accounting Principles
Authors: Greg Shields
1st Edition
1722964839, 978-1722964832
