Question: On June 1, 2013 Oakcrest Company signed a three year $110, note payable with 9% interest. Interest is due on June 1 of each year

On June 1, 2013 Oakcrest Company signed a three year $110, note payable with 9% interest. Interest is due on June 1 of each year beginning in 2014. What amount of interest expense should be reported on the income statement for the year ended December 31, 2013?

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