Question
On January 1, 2016, Nantucket Ferry borrowed $15,300,000 cash from BankOne and issued a five-year, $15,300,000, 5% note. Interest was payable annually on December 31.
On January 1, 2016, Nantucket Ferry borrowed $15,300,000 cash from BankOne and issued a five-year, $15,300,000, 5% note. Interest was payable annually on December 31. what is the interest and how do I record the interest for Dec. 31, 2016?
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Managerial Accounting For Managers
Authors: Eric Noreen
1st Edition
73526975, 978-0073526973
