On July 1, 2023, Smith Industries signed a $250,000, one-year, 6 percent note payable. The principal and interest will be paid on June 30, 2024. How much interest expense should be reported on the income statement for the year ended December 31, 2023? Multiple Choice $15,000 $7,500 $2,250 $0

On July 1,2023, Smith industries signed a $250,000, oncyear, 6 percent note payable. The principal and interest wul be paid on June 30. 2024. How much interest expense should be reported on the income statement for the year ended December 31, 2023? Multiple Choice $15,000 $7,500 $2,250