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What is the accrued interest expense on the note on october

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On September 28, Reeve Incorporated purchased equipment with a purchase price of $38,313 plus 5% sales tax. Shipping terms were FOB Shipping Point and shipping charges were $259. Installation was completed, and the new equipment was placed in service on October 1. Installation costs totaled $905. The shipping and installation costs were paid for in cash on September 28. The equipment purchase price, including sales tax, was paid for by issuing a 120 day 6% Note Payable on October 1. Based on past experience, the equipment is expected to have a useful life of 7 years, at which time it will have an estimated worth of $4,462. The equipment will be depreciated using the Straight Line method.

Question 1: Assuming a 360-day year for your calculation, what is the Accrued Interest Expense on the Note on October 31?

Reference no: EM132606193

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