Question
West Company borrowed $52,000 on September 1, 2016 from the Valley Bank. West agreed to pay interest annually at the rate of 9% per year.
West Company borrowed $52,000 on September 1, 2016 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 2016 income statement would be:
$0.
$1,560.
$468.
$1,170.
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Intermediate Accounting 2014 FASB Update
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
15th edition
978-1118938782, 111893878X, 978-1118985311, 1118985311, 978-1118562185, 1118562186, 978-1118147290
