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On July 1, 2016, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000....

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Accounting

On July 1, 2016, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Donna Equipment maintains its books on a calendar year basis, how much interest expense should be reported in the 2017 income statement? A. $1,000. B. $2,000. C. $3,000. D. $4,000

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