Multiple Choice
Jane's Donut Co. borrowed $200,000 on January 1, 2018, and signed a two-year note bearing interest at 12%. Interest is payable in full at maturity on January 1, 2020. In connection with this note, Jane's should report interest expense at December 31, 2018, in the amount of:
A) $0.
B) $24,000.
C) $48,000.
D) $50,880.
Correct Answer:
Verified
Correct Answer:
Verified
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