Multiple Choice
On Oct. 1, 2017 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, 2018. Bonita's year-end is December 31. In its 2017 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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