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On October 1, 2019, Happy Company borrowed $70,000 from a bank on a 9%, 11-month note payable. On June 1, 2020, Happy Company borrowed $42,000
On October 1, 2019, Happy Company borrowed $70,000 from a bank on a 9%, 11-month note payable. On June 1, 2020, Happy Company borrowed $42,000 from a bank on a 13%, 10-month note payable. Calculate the total amount of interest expense reported by Happy Company in its 2020 income statement related to these two loans.
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Accounting Tools for business decision making
Authors: kimmel, weygandt, kieso
4th Edition
978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461
