Determining the interest expense

Reference no: EM13135945

On September 1, 2009, Barrett Corporation signed a one-year, 8% interest-bearing note payable for $50,000. Assume that Barrett Corporation maintains its books on a calendar year basis. What amount should Barrett Corp. record as interest expense for 2009? What amount should they record as interest expense for 2010?

Reference no: EM13135945

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