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On November 1, 2020 Rella Inc. signed a $400,000, 8 month, 10% note payable. At due date, the principal and interest will be paid.

On November 1, 2020 Rella Inc. signed a $400,000, 8 month, 10% note payable. At due date, the principal and interest will be paid. Calculate the amount of interest expense that Rella Inc. should report on its income statement for the year ended December 31, 2020. (round to the nearest dollar) Answer: $

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