On October 1, 2016, Donna Equipment signed a one-year, 10% interest-bearing note payable for $43,000....
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Accounting
On October 1, 2016, Donna Equipment signed a one-year, 10% interest-bearing note payable for $43,000. Assuming that Donna Equipment maintains its books on a calendar year basis, how much interest expense should be reported in the 2017 income statement?
$2,150.
$4,300.
$1,075.
$3,225.
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