Question
On July 1, 2020, White Company signed a $400,000, one-year, 5 percent note payable. The principal and interest will be paid on June 30, 2021.
On July 1, 2020, White Company signed a $400,000, one-year, 5 percent note payable. The principal and interest will be paid on June 30, 2021. How much interest expense should be recognized as of December 31, 2020?
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Financial accounting
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
9th edition
978-0132751216, 132751127, 132751216, 978-0132751124
