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On October 1, 2020, Your Company borrowed $250,000 from Ace Company. It is a one-year loan and bears interest at 7% Cash repayments of both

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On October 1, 2020, Your Company borrowed $250,000 from Ace Company. It is a one-year loan and bears interest at 7% Cash repayments of both interest and principal are made on the date that the loan matures. What is the interest expense for 2020? 54,375 $ 8,750 $ 5,833 $13,125 $17,500

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