The long-term note payable bears interest at 12 per year., Ask an Expert

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The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2009 fiscal year. The $230 accrued interest for June has not yet been paid or recorded. (Note that the company is required to make a $5,500 payment toward the note payable during the 2010 fiscal year.)

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