Question: The Blue Bends Co. signed a 12%, $40,000 note payable on September 1, 20X1 due on February 28, 2099. If the accounting year ends on

The Blue Bends Co. signed a 12%, $40,000 note payable on September 1, 20X1 due on February 28, 2099. If the accounting year ends on December 31, how much is the interest expense for 2099, the year the note was repaid?

$1,600$800None of the other alternatives are correct$2,400$4,800

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