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A $42,000, six-month, 12% note payable was issued on December 1, 2017. The company is...

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Accounting

A $42,000, six-month, 12% note payable was issued on December 1, 2017. The company is making quarterly adjustment. What is the amount of the accrued interest for the first adjustment date?

A. $240 B. $420 C. $1260 D. $560

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