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What is interest expense during the current year

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Question - On January1, FedEx Sales, Inc. purchased inventory costing $457,200 using a 7-month trade note payable. The note carries an annual interest rate of 6%. FedEx has a December 31 year-end. Prepare the journal entries required. The company uses the perpetual inventory system. What is interest expense during the current year?

Reference no: EM132458339

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