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QUESTION
On October 1, 2014, Donna Equipment signed a one year 8% interest-bearing note payable for 50,000.
On October 1, 2014, Donna Equipment signed a one year 8% interest-bearing note payable for 50,000. Assuming that Donna Equipment maintains its books on a calendar year basis, how much interest expense should be reported in the 2015 income statement?
