Multiple Choice
ABC Company signed a one-year $48,000 loan payable at 8% interest on 1 May 2017.If ABC only adjusts their accounts once a year at year-end,how much interest expense was accrued on 31 December 2017?
A) $3840
B) $1280
C) $2560
D) $3200
Correct Answer:
Verified
Correct Answer:
Verified
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