Multiple Choice
On November 1,2012,EZ Products borrowed $48,000 on a 5%,10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year.
-How much interest expense should be accrued at December 31,2012 for the period of November 1 through year-end?
A) $1,200
B) $2,400
C) $400
D) $200
Correct Answer:
Verified
Correct Answer:
Verified
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