What is the interest, The customer signed a note with

What is the interest

Reference no: EM133538102

Question: The Eldorado Corporation's controller prepares adjusting entries only at the end of the reporting year. The following adjusting entries were prepared on December 31, 2024: Debit Credit Interest expense 27,000 Interest payable 27,000 Rent expense 28,125 Prepaid rent 28,125 Interest receivable 930 Interest revenue 930 Additional information: The company borrowed $360,000 on March 31, 2024. Principal and interest are due on March 31, 2025. This note is the company's only interest-bearing debt. Rent for the year on the company's office space is $37,500. The rent is paid in advance. On October 31, 2024, Eldorado lent money to a customer. The customer signed a note with principal and interest at 10% due in one year. Required: What is the interest

Reference no: EM133538102

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