Homework Answers
Correct answer-------------$3,000
Working
| Notes payable amount | $ 50,000.00 |
| 1 year interest @8% (50000 x 8%) | $ 4,000.00 |
| Less: Interest for 2019 for 3 months (4000/12*3) | $ 1,000.00 |
| Interest expense for 2020 | $ 3,000.00 |
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