On August 1, Year 1, Jackson Company issued a one-year $52,000 face value interest-bearing note...
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Accounting
On August 1, Year 1, Jackson Company issued a one-year $52,000 face value interest-bearing note with a stated interest rate of 9.00% to Galaxy Bank. Jackson accrues interest expense on December 31, Year 1, its calendar year-end. What is the amount of interest expense and the cash outflow for interest during the year ending December 31, Year 1? (Do not round your intermediate calculations.) Interest Expense Cash Outflow Group of answer choices
$1950 $0
$1950 $1950
$4680 $4680
$4680 $0
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