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On December 1, the G. Baker Corporation purchases $15,000 of equipment by issuing a one-year, 12% note payable. The amount of accrued interest on December

On December 1, the G. Baker Corporation purchases $15,000 of equipment by issuing a one-year, 12% note payable. The amount of accrued interest on December 31 is:

a. $240

b. $160

c. $ 150

d. $ 105

(show calculations)

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