Multiple Choice
Fornelli Corporation borrowed $800,000 from Central Bank on May 31, 2016. The three-year, 7% note required annual payments of $304,840 beginning May 31, 2017. Interest expense for the year ended December 31, 2016 was
A) $32,667.
B) $37,333.
C) $56,000.
D) $0.
Correct Answer:
Verified
Correct Answer:
Verified
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