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on November 1 Barcelona Sales Inc purchased inventory costing 589,000 using a 5 month trade note payable. The note carries an annual interest rate of

on November 1 Barcelona Sales Inc purchased inventory costing 589,000 using a 5 month trade note payable. The note carries an annual interest rate of 10%. Barcelona has a December 31 year end. The company uses perpetual inventory system. a) what is interest expense during the current year? what is the interest expense for the following year? B) Prepare all required journal entries

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