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Phipps Company borrowed $30,000 cash on October 1, 2014, and signed a nine-month, 8% interest-bearing...

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Accounting

Phipps Company borrowed $30,000 cash on October 1, 2014, and signed a nine-month, 8% interest-bearing note payable with interest payable at maturity. The amount of interest expense to be reported during 2015 is which of the following?

a) 600

b) 1800

c) 900

d) 1200

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