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What the interest expense damien will recognize on this note

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Question - On September 1, 2009, Damien Charles & Associates borrowed $400,000 from Virginia Credit Union and signed a 12%, one-year note payable, all due at maturity (therefore no monthly payments are involved, only one payment at maturity). Damien makes adjusting entries and prepares financial statements only at year-end. Pay attention to dates: What the interest expense Damien will recognize on this note in 2010?

Reference no: EM133178797

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