BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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On June 1, 2019, 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 2020. What amount of interest expense should be reported on the income statement for the year ended December 31, 2019?
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$5, 250
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$9, 900
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$4, 950
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$5, 775
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Explanation:
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