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Jane's Donut Co. borrowed $198,000 on January 1, 2018, and signed a two-year note bearing interest at 12%. Interest is payable in full at maturity

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Jane's Donut Co. borrowed $198,000 on January 1, 2018, and signed a two-year note bearing interest at 12%. Interest is payable in full at maturity on January 1,2020. In connection with this note, Jane's should report interest expense at December 31,2018 , in the amount of: Multiple Choice \$o. $47,520. $50,371. $23,760

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