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Posted on Mar 23, 2024

On October 1, 2023, Cicero Inc. (a calendar year end business) loaned Carmy Co. $50,000 cash on a 6-month, 8% note. Interest will be paid

On October 1, 2023, Cicero Inc. (a calendar year end business) loaned Carmy Co. $50,000 cash on a 6-month, 8% note. Interest will be paid at maturity.

What amount of interest will Cicero Inc. accrue on the note at the end of the accounting period (December 31, 2023)?

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