Question
Minneapolis Mills has $13,000,000 of debt outstanding as of March 31, 2020. The interest rate on the debt is 4%. Its last debt payment was
Minneapolis Mills has $13,000,000 of debt outstanding as of March 31, 2020. The interest rate on the debt is 4%. Its last debt payment was on March 31 and its next payment is due on June 30, 2020. What is the amount of interest expense to accrue as of May 31, 2020?
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Managerial Accounting
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
5th Edition
1264467206, 978-1264467204
