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DEF Company signed a note to borrow $100,000 from Big Bank on December 1, 2015...

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Accounting

DEF Company signed a note to borrow $100,000 from Big Bank on December 1, 2015 for a 6 month period at a rate of 12 percent annually.

What would the total amount of interest that DEF would have to pay under this contract?

What entry would DEF make on December 31, 2015?

What entry would DEF make on May 31, 2016?

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