Multiple Choice
Fornelli Corporation borrowed $480,000 from Central Bank on May 31, 2013. The three-year, 7% note required annual payments of $182,904 beginning May 31, 2014. Interest expense for the year ended December 31, 2013 was
A) $19,600.
B) $22,400.
C) $33,600.
D) $0.
Correct Answer:
Verified
Correct Answer:
Verified
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