How much interest expense

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Kieso Company borrowed $630,000 for three months. The annual interest rate on the loan was 9%. Kieso's fiscal year ends on December 31. Kieso borrowed the $630,000 one month prior to the end of its last fiscal year and paid the $630,000 plus interest back two months into its current fiscal year.

Question 1: How much interest expense, if any, would Kieso report at the end of its last fiscal year and at the end of its current fiscal year?

Reference no: EM132474946

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