On November 1 of the current year, Garcia Company borrowed $84,000 by issuing a 16%,...
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Accounting
| On November 1 of the current year, Garcia Company borrowed $84,000 by issuing a 16%, six-month note payable, all due at maturity date. Interest expense on this note to be recognized during the current year amounts to: |
A. $4,480.
B. $2,240.
C. $13,440.
D. $840.
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