Question
On July 1, 2019, Foley Company signed a $200,000, two-year, 6 percent note payable. The principal and interest will be paid on June 30, 2020.
On July 1, 2019, Foley Company signed a $200,000, two-year, 6 percent note payable. The principal and interest will be paid on June 30, 2020. How much interest expense should be reported on the income statement for the month ended July 31, 2019?
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Applied International Finance
Authors: Thomas J O'Brien
1st Edition
1606497340, 9781606497340
