Question
The Pita Pit borrowed $206,000 on November 1, 2015, and signed a six-month note bearing interest at 12%. Principal and interest are payable in full
| The Pita Pit borrowed $206,000 on November 1, 2015, and signed a six-month note bearing interest at 12%. Principal and interest are payable in full at maturity on May 1, 2016. In connection with this note, The Pita Pit should report interest expense at December 31, 2015, in the amount of (Do not round your intermediate calculations): |
| $4,120. | |
| $24,720. | |
| $12,360. | |
| $0. |
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The Four Corners Of Financial Accounting
Authors: Shaho Heidari Gandoman
1st Edition
1952751950, 978-1952751950
