Multiple Choice
On Oct.1, 2011 Bonita, Inc.signed a 1-year $75,000 note payable from First National Bank.The loan plus 6% interest is to be repaid on Sept.30, 2012.Bonita's year-end is December 31.In its 2011 financial statements Bonita will record interest expense of:
A) $375
B) $1,125
C) $4,500
D) $75,000
Correct Answer:
Verified
Correct Answer:
Verified
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