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On November 1, Year 1, Noble Company borrowed $104,000 from South Bank and signed a...

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Accounting

On November 1, Year 1, Noble Company borrowed $104,000 from South Bank and signed a 6%, six-month note payable, all due at maturity. The interest on this loan is stated separately.

How much interest expense will Noble recognize on this note in Year 2?

Multiple Choice

  • $3,120.

  • $1,560.

  • $6,240.

  • $2,080.

Answer & Explanation Solved by verified expert
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