Multiple Choice
On May 1,2012,Mink,Inc.borrowed $10,000 by issuing a 12%,3-month note and another $10,000 by issuing a 12%,6-month note.Interest expense for the month ended May 31,2012 equals ________.
A) $(400) on the income statement
B) $(200) on the income statement
C) $(300) on the income statement
D) $(2,400) on the income statement
Correct Answer:
Verified
Correct Answer:
Verified
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