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On November 1 of the current year, Garcia Company borrowed $156,000 by issuing a 11%, six-month note payable, all due at maturity date. Interest expense

On November 1 of the current year, Garcia Company borrowed $156,000 by issuing a 11%, six-month note payable, all due at maturity date. Interest expense on this note to be recognized during the current year amounts to:

a. $5720

b. $2860

c. $17,160

d. $1,560

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