Question: Jacobs Company borrowed $600,000 on a 90-day note at 11 percent interest. The money was borrowed for 30 days in 2009 and 60 days in

Jacobs Company borrowed $600,000 on a 90-day note at 11 percent interest. The money was borrowed for 30 days in 2009 and 60 days in 2010; the note and interest were to be paid upon maturity in 2010. How much interest expense, if any, would be reported in 2009 and in 2010?

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