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On May 1, 202 0, Beta Company signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Beta Company maintains its books on a

On May 1, 2020, Beta Company signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Beta Company maintains its books on a calendar year basis, how much interestexpense should be reported in the 2020 income statement?

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