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Kieso Company borrowed $660,000 for five months. The annual interest rate on the loan was 10%. Kieso's fiscal year ends on December 31. Kieso borrowed
Kieso Company borrowed $660,000 for five months. The annual interest rate on the loan was 10%. Kieso's fiscal year ends on December 31. Kieso borrowed the $660,000 one month prior to the end of its last fiscal year and paid the $660,000 plus interest back four months into its current fiscal year.
How much interest expense, if any, would Kieso report at the end of its current fiscal year?
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