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Nittany Company borrowed $75,000 from Lion Corporation on May 1, 2018 signing a 9-month payable with an interest rate of 4%. Nittany Co operates on
Nittany Company borrowed $75,000 from Lion Corporation on May 1, 2018 signing a 9-month payable with an interest rate of 4%. Nittany Co operates on a calendar year basis and is preparing its year-end financial statements. What amount of Interest Payable should Nittany Co. report from this note payable on its December 31, 2018 Balance Sheet?
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
5th edition
978-0077924379, 77924371, 978-0078025396, 78025397, 978-0077425654, 77425650, 978-0077667061
