The Pita Pit borrowed $204,000 on November 1, 2015 and signed a six-month note at 12% interest.

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The Pita Pit borrowed $204,000 on November 1, 2015 and signed a six-month note at 12% interest. Principal and interest are payable in full at maturity on May 1, 2016.

In connection with this note, what amount for interest expense Pita Pit must report as of December 31, 2015?

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Understanding Financial Accounting

ISBN: 9781119406921

2nd Canadian Edition

Authors: Christopher D. Burnley

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Posted Date: Jul 15, 2023 04:07 AM

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The Pita Pit borrowed $204,000 on November 1, 2015 and signed a six-month note at 12% interest.

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To calculate the interest expense that Pita Pit must report as of December 31 2015 we need to d... View the full answer

Understanding Financial Accounting

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