Multiple Choice
Mission Corp. borrowed $50,000 cash on April 1, 2016, and signed a one-year 12%, interest-bearing note payable. The interest and principal are both due on March 31, 2017. The amount of interest expense for the year ended December 31, 2016 is:
A) $6,000.
B) $4,500.
C) $4,000.
D) $1,500.
Correct Answer:
Verified
Correct Answer:
Verified
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