Question: Question 11 (1 point) On August 1, Year 1, our company borrowed $100,000 and issued a note payable. The note and the 12% will be

Question 11 (1 point) On August 1, Year 1, our company

Question 11 (1 point) On August 1, Year 1, our company borrowed $100,000 and issued a note payable. The note and the 12% will be repaid in one year. How much interest expense will we record for Year 1? Zero O $5,000 $12,000 $7,000

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