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What will be the amount charged to interest expense

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Problem 1: Montreal Express Inc. (MEI) purchased a waste management system on September 20, 20X7 and paid for the purchased by issuing a $100,000, 0% note payable to the supplier due on September 20, 20X8. The market rate of interest for borrowing of this nature is 5%. What will be the amount charged to interest expense for MEI's year-ended December 31, 20X7 pertaining to this notes payable?

Reference no: EM132647472

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