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On Sept 1, 2020, Donna Equipment signed a one-year, 6% interest-bearing note payable for $40,000. Assuming that Donna maintains its books on a calendar year

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On Sept 1, 2020, Donna Equipment signed a one-year, 6% interest-bearing note payable for $40,000. Assuming that Donna maintains its books on a calendar year basis, what amount of interest expense should be reported in the 2020 income statement for this note? 600 1600 2400 800

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