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On September 1, Year 1, West Company borrowed $60,000 from Valley Bank. West agreed to pay interest annually at the rate of 6% per

On September 1, Year 1, West Company borrowed $60,000 from Valley Bank. West agreed to pay interest annually at the rate of 6% per year. The note issued by West carried an 18-month term. West Company has a calendar year-end. What is the amount of interest expense that will be reported on West's income statement for Year 1? Multiple Choice $-0- $1,200 $360

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