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On June 1, 2025, Thomas Company borrowed $31,000 from a bank on a 6%, 9-month note payable. On October 1, 2026, Thomas Company borrowed
On June 1, 2025, Thomas Company borrowed $31,000 from a bank on a 6%, 9-month note payable. On October 1, 2026, Thomas Company borrowed $54,000 from a bank on a 14%, 4-month note payable. Calculate the total amount of interest expense related to these two loans that Thomas Company would report in its 2026 income statement.
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Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
8th Edition
1119791057, 978-1119791058
