Multiple Choice
Saturn Inc.signed a one-year $48,000 note payable at 8% interest on May 1,2014.If Saturn Inc.only adjusts its accounts once a year at year-end,how much interest expense was accrued on December 31,2014?
A) $1,280
B) $3,840
C) $2,560
D) $3,200
Correct Answer:
Verified
Correct Answer:
Verified
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