Amount of interest expense recognized by acme
Problem:
On June 8, Acme Co. issued an $80,000, 6%, 120-day note payable to Still Co. Assume that the fiscal year of Acme Co. ends June 30. What is the amount of interest expense recognized by Acme in the current fiscal year.
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What is the amount of interest expense recognized by Acme in the current fiscal year.
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