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West Company borrowed $ 1 0 , 0 0 0 on September 1 , Year 1 from the Valley Bank. West agreed to pay interest

West Company borrowed $

10, 000

on September

1,

Year

1

from the 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. Based on this information the amount of interest expense appearing on West's Year

1

income statement would be:

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