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On July 1, 2020, White Company signed a $400,000, one-year, 5 percent note payable. The...

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Accounting

On July 1, 2020, White Company signed a $400,000, one-year, 5 percent note payable. The principal and interest will be paid on June 30, 2021. How much interest expense should be recognized as of December 31, 2020?

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