Compute the paid interest and principal

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Reference no: EM131764883

Question: On July 1, 20D, Bill Company signed a two-year $12,000 note payable with 12 percent interest. At due date, July 1, 20F, the principal and interest will be paid in full. Interest expense should be reported on the income statement for the year ended December 31, 20D, in the amount of

A) 1, 440.

B) 720.

C) 0.

D) 360

E) None of the above is correct.

Reference no: EM131764883

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