The following information pertains to Peak Heights Company: Income Statement for Current Year Sales $ 93,000 Expenses Cost of goods sold $ 51,875 Depreciation expense 6,000 Salaries expense 12,000 69,875 Net income $ 23,125 Partial Balance Sheet
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On January 10, Chen Co. issued an $80,000, 6%, 90-day note payable to Rao Co. Using a 360-day year, what is the total interest expense of the note? a. $4,800b. $480c. None of these choices are correct. d. $1,200
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