EcoMart borrowed $50,000 from Great Big Bank for general use on February 1 of last...
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Accounting
EcoMart borrowed $50,000 from Great Big Bank for general use on February 1 of last year. The 12-month note carries a 6% annual Interest rate. The $50,000 principal plus interest was paid back on January 31 of the current year. What amount of Interest expense should EcoMart record in the current year? $0 $2,750 $3,000 $250
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