Question: On October 1st 2022, ABC Co. signed a 5-month note payable with principal of $10,000 and an annual interest rate of 12%. What is the

On October 1st 2022, ABC Co. signed a 5-month note payable with principal of $10,000 and an annual interest rate of 12%. What is the interest expense that the company will report on the 2023 (second year) income statement related to this note? On October 1st 2022, ABC Co. signed a 5-month note payable with principal of $10,000 and an annual interest rate of 12%.

What is the interest expense that the company will report on the 2023 (second year) income statement related to this note?

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