Question
On November 22, 2020 Eastern Investments Inc. settles an outstanding Accounts Payable balance of $4,000 with Banana Phones by agreeing to a 90 day Note
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On November 22, 2020 Eastern Investments Inc. settles an outstanding Accounts Payable balance of $4,000 with Banana Phones by agreeing to a 90 day Note Payable at 5%. What is the Interest Expense recorded by Eastern Investments Inc. on December 31?
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$0.55
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$21.37
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$200.00
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$49.32
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$27.95
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Cost Accounting Principles And Applications
Authors: Horace R. Brock, Linda Herrington
6th Edition
0028034287, 978-0028034287
