Question: 2 . On July 1 , 2 0 2 3 , XY Industries signed a $ 2 5 0 , 0 0 0 , one

2. On July 1,2023, XY Industries signed a $250,000, one-year, 6 percent note payable. The principal and interest will be paid on June 30,2024. How much interest expense should be reported on the income statement for the year ended December 31,2023?

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