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On july 1, 2009, Allen Company signed a $100,000, one year, 6 percent note payable. At due date, June 30, 2010, the principal and interest ($106,000)…
On july 1, 2009, Allen Company signed a $100,000, one year, 6 percent note payable. At due date, June 30, 2010, the principal and interest ($106,000) will be paid. Interest expense should be reported on the income statemtn for the year ended December 31, 2010
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