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On November 15th a company took out a short-term, $2,520,000 loan from the bank. The loan carried an interest rate of 8% and is due
On November 15th a company took out a short-term, $2,520,000 loan from the bank. The loan carried an interest rate of 8% and is due in 30 days. What amount of interest would need to be recorded for this loan on December 31st as part of the company's adjusting entries?
a) $201,600
b) No adjusting entry would be required.
c) $2,520,000
d) $16,800
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