ABC Company signed a one-year $48,000 loan payable at 8% interest on 1 May 2017.If ABC only adjusts their accounts once a year at year-end,how much interest expense was accrued on 31 December 2017?
A)$3840
B)$1280
C)$2560
D)$3200

Question

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The Answer of ABC Company signed a one-year $48,000 loan payable at 8% interest on 1 May 2017.If ABC only adjusts their accounts once a year at year-end,how much interest expense was accrued on 31 December 2017?
A)$3840
B)$1280
C)$2560
D)$3200

ABC Company Signed a One-Year $48,000 Loan Payable at 8