On October 1, 2019, Terry Ltd. borrowed $30,000 from a local bank at an annual interest...

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On October 1, 2019, Terry Ltd. borrowed $30,000 from a local bank at an annual interest rate of 5 percent and signed a note for one year with payment due on October 1, 2020. Interest on this note is also payable at that date. Which of the following amounts should be reported as interest expense related to this note on Terry Ltd.'s Income Statement for the year ended December 31, 2019? $1,500.00 $500.00 $375.00 $0.00 On October 1, 2019, Terry Ltd. borrowed $30,000 from a local bank at an annual interest rate of 5 percent and signed a note for one year with payment due on October 1, 2020. Interest on this note is also payable at that date. Which of the following amounts should be reported as interest expense related to this note on Terry Ltd.'s Income Statement for the year ended December 31, 2019? $1,500.00 $500.00 $375.00 $0.00