Multiple Choice
On April 1, 20A, Allen Company signed a $12,000, one-year, 10 percent note payable. At due date, April 1, 20B, the principal and interest will be paid. Interest expense should be reported on the income statement (for the year ended December 31, 20A) as which of the following?
A) $1,200.
B) $900.
C) $700.
D) $800.
Correct Answer:
Verified
Correct Answer:
Verified
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