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Glaus Corp. signed a three-month, zero-interest-bearing note on November 1, 2010 for the purchase of $350,000 of inventory. The face value of the note was
Glaus Corp. signed a three-month, zero-interest-bearing note on November 1, 2010 for the purchase of $350,000 of inventory. The face value of the note was $356,000. Assuming Glaus used a Discount on Note Payable account to initially record the note and that the discount will be amortized equally over the 3-month period, the adjusting entry made at December 31, 2010 will include a debit to Interest Expense of how much $$?
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