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 expense should the company report on its income statement for the month ended December 31,2011?
A) $0
B) $4,800
C) $400
D) $800
Correct Answer:
Verified
Correct Answer:
Verified
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