Question: Jupiter, Inc. signed a one-year $44,000 note payable at 8% interest on April 1, 2016. If Jupiter, Inc. only adjusts its accounts once a year

Jupiter, Inc. signed a one-year $44,000 note payable at 8% interest on April 1, 2016. If Jupiter, Inc. only adjusts its accounts once a year at year-end, how much interest expense was accrued on December 31, 2016?

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