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On December 1 a company borrowed $100,000 at 12% compounded monthly. The interest will be paid quarterly, with the first payment due on March 1.

On December 1 a company borrowed $100,000 at 12% compounded monthly. The interest will be paid quarterly, with the first payment due on March 1. What should the company report the interest on its income statement for December using accrual basis?

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