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West Company borrowed $38,000 on September 1, Year 1 from the Valley Bank. West agreed to pay interest annually at the rate of 9% per

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West Company borrowed $38,000 on September 1, Year 1 from the Valley Bank. West agreed to pay interest annually at the rate of 9% 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: Multiple Choice O $0. O $342. O $855. O $1,140

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