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Raymond Company borrowed $8,000 on April 1, 2019 from the Meramec Bank. The note issued by Raymond carried a one year term and a 7
Raymond Company borrowed $8,000 on April 1, 2019 from the Meramec Bank. The note issued by Raymond carried a one year term and a 7 annual interest rate. Assume no other transactions, The amount of interest expense on the 2019 income statement would be O a. 5140 b. $290 C. 5560. d. $420
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