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On October 1, 2019, Jason Company borrowed $38,000 from a bank on a 6%, 11-month...

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Accounting

On October 1, 2019, Jason Company borrowed $38,000 from a bank on a 6%, 11-month note payable. On June 1, 2020, Jason Company borrowed $54,000 from a bank on a 14%, 10-month note payable. Calculate the total amount of interest expense reported by Jason Company in its 2020 income statement related to these two loans.

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