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MC Qu. 33 LO 13-03 Oklahoma Oil Corp. paid interest of... Oklahoma...

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Accounting

MC Qu. 33 LO 13-03 Oklahoma Oil Corp. paid interest of...

Oklahoma Oil Corp. paid interest of $778,500 during 2013, and the interest payable account decreased by $120,000. What was interest expense for the year?

$778,500.

$898,500.

$538,500.

$658,500.

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