Innovate company borrowed on a one-year 10 150000 note on, Ask an Expert

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Innovate Company borrowed on a one-year, 10%, $150,000 note on May 1, 2014 with interest and principal to be paid at maturity. How much interest should Innovate Company report on its income statement for the year ending December 31, 2015? a. $30,000 b. $5,000 c. $15,000 d. $10,000

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Financial Accounting, Accounting

Category:- Financial Accounting
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