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4. On June 1, 2022, Oakcrest Company signed a three-year $110,000 note payable with 9 percent interest. Interest is due on June 1 of each

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4. On June 1, 2022, Oakcrest Company signed a three-year $110,000 note payable with 9 percent interest. Interest is due on June 1 of each year beginning in 2023. What amount of interest expense should be reported on the income statement for the year ended December 31 , 2022 ? a. $5,250 b. $9,900 c. $4,950 d. $5,775

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