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Mariner,Inc

Question 48

Multiple Choice

Mariner,Inc.bought a lobster boat on November 1,2011 in exchange for a 2-month,6%,$80,000 note.The note plus interest will be repaid on January 1,2012,the maturity date.How much interest payable should the company report on its balance sheet at December 31,2011?


A) $0
B) $4,800
C) $400
D) $800

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