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On January1, FedEx Sales, Inc. purchased inventory costing $ 457 comma 200 using a 7-month trade note payable. The note carries an annual interest rate

On January1, FedEx Sales, Inc. purchased inventory costing $ 457 comma 200 using a 7-month

trade note payable. The note carries an annual interest rate of 6 %. FedEx has a December

31 year-end. Prepare the journal entries required. The company uses the perpetual inventory system. What is interest expense during the current year?

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