Lennox Company borrowed$90,000on August 31,2022 at 5% interest. The debt must be repaid on August 31, 2023.

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Lennox Company borrowed$90,000on August 31,2022 at 5% interest. The debt must be repaid on August 31, 2023. How much interest expense should Lennox Company show on its income statement for the year ended December 31, 2022?

$1,875

$1,500

$4,50000

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Introduction to Law and the Legal System

ISBN: 978-0495899334

10th Edition

Authors: Frank August Schubert

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Posted Date: Jan 12, 2021 06:51 AM

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Lennox Company borrowed$90,000on August 31,2022 at 5% interest. The debt must be repaid on August 31, 2023.

Question:

Expert Answer:

The company will have to pay 1875 in interest expense fo... View the full answer

Introduction to Law and the Legal System

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