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Your Company loaned of $21,000 to one of the company's employees on May 1, 2020. The one-year note carried a 5% rate of
Posted: Sat Mar 19, 2022 5:45 pm
by answerhappygod
Your
Company loaned of $21,000 to one of the
company's employees
on May 1, 2020. The one-year note carried a 5% rate of interest.
Payment of interest and principal are to be made at maturity on
April 30, 2021. How much interest would you record in the 2020
financials?