De Meaning Corporation issued a one-year 6% $300,000 note on April 30, 2014. Interest expense for the year ended December 31, 2014 was:

Name: De Meaning Corporation issued a one-year 6% $300,000 note on April 30, 2014. Interest expense for the year ended December 31, 2014 was:
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Question

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The interest expense for the year ended December 31, 2014, is calculated for 8 months (from May to December) on a $300,000 note at a 6% annual interest rate: $300,000 * 6% * (8/12) = $12,000.

De Meaning Corporation Issued a One-Year 6% $300,000 Note on April