Question: On May 1st 2022, Dr. Pepper signed a note payable with principle of $10,000. Interest and principle is due on February 1 st 2023 .

On May 1st 2022, Dr. Pepper signed a note payable with

On May 1st 2022, Dr. Pepper signed a note payable with principle of $10,000. Interest and principle is due on February 1 st 2023 . On the 2022 income statement the company reports interest expense of $500. In the February 1 st 2023 journal entry to record the payment of principle and interest, the company credited cash $10,550. What was the interest expanse reported on the 2023 income statement? Type your

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