Louisiana State University, Shreveport ACCOUNTING ACCOUNTING 205 On September 1, 2019, Maibritt Equipment signed a 12-month, 9%…
On September 1, 2019, Maibritt Equipment signed a 12-month, 9% interest bearing note payable for $200,000.
Assuming Maibritt maintains its books on a calendar year basis, the amount of interest expense that should be reported in the 2020 income statement for this note would be:
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