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What is the amount of interest expense recognized

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Reference no: EM132802820

A six-month bank loan in the amount of $12,000 had been obtained on September 1. Interest is to be computed at an annual rate of 8.5 percent and is payable when the loan becomes due.

Problem 1: What is the amount of interest expense recognized for the entire current year on the $12,000 bank loan obtained September 1?

Reference no: EM132802820

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