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Phipps Company Borrowed $25,000 Cash on October 1,2019,and Signed a Nine-Month,8

Question 35

Multiple Choice

Phipps Company borrowed $25,000 cash on October 1,2019,and signed a nine-month,8% interest-bearing note payable with interest payable at maturity.The amount of interest expense to be reported during 2020 is which of the following?


A) $1,000.
B) $300.
C) $500.
D) $750.

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