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On October 1, 20X8, Holyoak Company borrowed $110000 and gave the lender a 5-month note payable. The note payable has an interest rate of 7%.
On October 1, 20X8, Holyoak Company borrowed $110000 and gave the lender a 5-month note payable. The note payable has an interest rate of 7%. Holyoak has a December 31 year-end. What amount of interest expense should Holyoak report as interest payable at December 31, 20X8?
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
6th edition
0-07-786223-6, 101259095592, 13: 978-0-07-7, 13978125909559, 978-0077862237
