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TB MC Qu. 9-49 (Static) Phipps Company borrowed $25,000 cash on... Phipps Company borrowed $25,000 cash on October 1, 2019, and signed a nine-month, 8%

TB MC Qu. 9-49 (Static) Phipps Company borrowed $25,000 cash on...

Phipps Company borrowed $25,000 cash on October 1, 2019, and signed a nine-month, 8% interest-bearing note payable with interest payable at maturity. The amount of interest expense to be reported during 2020 is which of the following?

Multiple Choice

$1,000.

$750.

$500.

$300.

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