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Gary's Grocery borrowed $12,000 at 8% interest on May 1, 2016, with principal and interest due on April 31, 2017. The company's fiscal year ends

Gary's Grocery borrowed $12,000 at 8% interest on May 1, 2016, with principal and interest due on April 31, 2017. The company's fiscal year ends December 31. What amount of interest expense would appear in the company's income statement for the year ended December 31, 2016 related to this loan?

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