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On September 1, 20A, Dawn Equipment signed a one-year, 7% interest-bearing note payable for $5,000. Assuming that Dawn maintains its books on a calendar year
On September 1, 20A, Dawn Equipment signed a one-year, 7% interest-bearing note payable for $5,000. Assuming that Dawn maintains its books on a calendar year basis, the amount of interest expense that should be reported in the 20B income statement for this note (rounded to the nearest dollar) would be $267. $400. $233. $300. $ -0
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