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Business, 16.04.2020 23:28 shiyaharper

On November 1, Epic Distributors borrowed $24 million cash to fund an expansion of its facilities. The loan was made by WW BancCorp under a short-term line of credit. Epic issued a 9-month, 12% promissory note. Interest was payable at maturity. Epic’s fiscal period is the calendar year. In Epic’s adjusting entry for the note on December 31, interest expense will be:

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On November 1, Epic Distributors borrowed $24 million cash to fund an expansion of its facilities. T...
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