Multiple Choice
On October 1, 2012, Glover Company borrowed $200,000 on a two-year, 12% note, with interest and principal to be paid at maturity. How much interest expense will Glover report on its income statement for the year ending December 31, 2012?
A) $ 6,000
B) $18,000
C) $24,000
D) $12,000
Correct Answer:
Verified
Correct Answer:
Verified
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