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On May 1st, 2017, Wilco borrows 275,000 by issuing a note payable. The note is due in one year and has a 15% interest rate.

On May 1st, 2017, Wilco borrows 275,000 by issuing a note payable. The note is due in one year and has a 15% interest rate. What is the amount of interest expense Wilco will report on the income statement in 2017?

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