Question: On April 30, 2016, Dawson Co., borrowed $6,000 on a one-year, 9 percent note payable. What amounts would Dawson Co., report for the note payable

On April 30, 2016, Dawson Co., borrowed $6,000 on a one-year, 9 percent note payable. What amounts would Dawson Co., report for the note payable and the related interest payable on its balance sheet at July 31, 2016, and on its income statement for the year ended July 31, 2016?

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