Question
Mission Corp. borrowed $50,000 cash on April 1, 2016, and signed a one-year 12%, interest-bearing note payable. The interest and principal are both due on
Mission Corp. borrowed $50,000 cash on April 1, 2016, and signed a one-year 12%, interest-bearing note payable. The interest and principal are both due on March 31, 2017.
The amount of interest expense for the year ended December 31, 2016 is:
- $1,500.
- $6,000.
- $4,000.
- $4,500.
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Financial Accounting Information for Decisions
Authors: John Wild
7th edition
78025893, 978-0078025891
