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  3. a company reported interest expense of $580,000 fo

A company reported interest expense of $580,000 for the year. Interest payable was $30,000 and...

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Accounting

A company reported interest expense of $580,000 for the year. Interest payable was $30,000 and $70,000 at the beginning and the end of the year, respectively. What was the amount of interest paid?

$540,000.

$650,000.

$610,000.

$620,000.

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