Multiple Choice
Phipps Company borrowed $25,000 cash on October 1, 2014, and signed a nine-month, 8% interest-bearing note payable with interest payable at maturity. The amount of interest expense to be reported during 2015 is which of the following?
A) $1,000.
B) $300.
C) $500.
D) $750.
Correct Answer:
Verified
Correct Answer:
Verified
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