Electric Company borrowed on a one-year,10%,$150,000 note on May 1,2014 with interest and principal to be paid at maturity.How much interest should Electric Company report on its income statement for the year ending December 31,2015?
A) $ 10,000
B) $ 15,000
C) $ 30,000
D) $ 5,000
Correct Answer:
Verified
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