On november 1 year 1 placid co borrowed 100000 from bay, Ask an Expert

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On November 1, Year 1, Placid Co. borrowed $100,000 from Bay bamk and signed a 12% six-month note payable, all due at maturity. The interest on this loan is stated seperately.

Refer to the above data.How much must Placid pay Bay Bank on May 1, year 2, when the note matures?How much interest expense will Placid recognize on this note in year 2?At December 31, Year 1, Placid Co.'s overall liability for this loan amounts to?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9968571

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