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Calculate EasyFly interest expense

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Reference no: EM132868524

Problem - EasyFly Airlines borrows $100,000 from Bank of Le Bouveret on September 1st, 20x5, signing a 6%, six-month note for the amount borrowed plus accrued interest due six months later on March 1, 20x6.

Required -

1) Calculate EasyFly's interest expense.

2) For EasyFly Airlines, prepare journal transactions on the following dates:

September 1, 20x5

December 31, 20x5

March 1 , 20x6

3) For the Bank of Le Bouveret, prepare journal entries on the following dates:

September 15, 20x5

December 31s, 20x5

March 1, 20x6

Reference no: EM132868524

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