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Jane's Donut Co. borrowed $198,000 on January 1, 2021, and signed a two-year note bearing interest at 15%. Interest is payable in full at maturity
Jane's Donut Co. borrowed $198,000 on January 1, 2021, and signed a two-year note bearing interest at 15%. Interest is payable in full at maturity on January 1, 2023. In connection with this note, Jane's should report interest expense at December 31, 2021, in the amount of:
Multiple Choice
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$29,700.
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$59,400.
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$62,964.
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$0.
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