Question: On April 30, 2012, Cimmaron, Co., borrowed $5,000 on a one-year, 12% note payable. What amounts would Cimmaron, Co., report for the note payable and

On April 30, 2012, Cimmaron, Co., borrowed $5,000 on a one-year, 12% note payable. What amounts would Cimmaron, Co., report for the note payable and the related interest payable on its balance sheet at July 31, 2012, and on its income statement for the year ended July 31, 2012?

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