Multiple Choice
On October 1, 20X1, Ethan Company borrowed $10,000 on a 4-month note with an annual interest rate of 9 percent. How much interest expense should be reported for 20X1, assuming that the note is paid on time and Ethan Company's accounting year coincides with the calendar year?
A) $-0-.
B) $225.
C) $300.
D) $900.
Correct Answer:
Verified
Correct Answer:
Verified
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