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McDermott Inc. signed a $100,000, three-year, note payable with interest of 6% on July 1, 2023. The principal and interest will be paid at the

McDermott Inc. signed a $100,000, three-year, note payable with interest of 6% on July 1, 2023. The principal and interest will be paid at the end of term on June 30, 2026. How much interest expense should be reported on the income statement for the month ended July 31, 2023?

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