On September 1, 2020, Pine Company borrows $58000 cash by issuing a one-year noninterest- bearing note...

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On September 1, 2020, Pine Company borrows $58000 cash by issuing a one-year noninterest- bearing note from National bank. They agree to pay the Bank in the amount of $61,480 at the maturity. At the company's year-end, the adjusting entry was appropriately recorded. On December 31, 2020, Pine Company's annual report date, what amount should Pine Company report interest expense? On September 1, 2020, Pine Company borrows $58000 cash by issuing a one-year noninterest- bearing note from National bank. They agree to pay the Bank in the amount of $61,480 at the maturity. At the company's year-end, the adjusting entry was appropriately recorded. On December 31, 2020, Pine Company's annual report date, what amount should Pine Company report interest expense?

Answer rating: 100% (QA)

Answer Total interest Expense for 12 month period ... View the full answer