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QUESTION
Collier borrowed $175,000 on October 1 and is required to pay $180,000 on March 1.
Collier borrowed $175,000 on October 1 and is required to pay $180,000 on March 1. What amount is the note payable recorded at on October 1 and how much interest is recognized from October 1 to December 31?a. $175,000 and $0.b. $175,000 and $3,000.c. $180,000 and $0.d. $175,000 and $5,000.
