What is the interest expense? c. Cardon's borrowed $192,000 at a 10 percent annual interest...
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Accounting
What is the interest expense?
c.
Cardon's borrowed $192,000 at a 10 percent annual interest rate on April 1, 2012, to expand its boat storage facility. The loan requires Cardon's to pay the interest quarterly until the note is repaid in three years. Cardon's paid quarterly interest on July 1 and October 1.
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