Multiple Choice
On December 31, 20X1, Bennett recorded an adjusting entry to account for interest that had accrued on the note. What is the approximate amount of interest expense that would have accrued at December 31, 20X1?
A) $25,402
B) $32,000
C) $76,200
D) $96,000
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q59: Most notes are not interest bearing.
Q160: When a company prepares a bond indenture,
Q162: Under the effective-interest method, the interest paid
Q163: The times interest earned ratio is calculated
Q164: On November 1, 20X1, Duval Company sold
Q165: In 20X4, C Co. reported a times
Q166: The market rate of interest on bonds
Q168: When the effective-interest amortization method is used,
Q169: On March 1, 20X1, Warner Corporation,
Q208: If a corporation issued bonds at an