Question: QUESTION 40 Elliott borrows $2,000 on May 1. His interest rate is 12% and the full amount must be repaid on April 30 of the

QUESTION 40 Elliott borrows $2,000 on May 1. His interest rate

QUESTION 40 Elliott borrows $2,000 on May 1. His interest rate is 12% and the full amount must be repaid on April 30 of the following year. How much interest expense should Elliott recognize on December 31

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