On September 1, Year 1, Wiggins Company issued a $66,000 note payable that had a one-year term and an annual interest rate of 8%. What amount of interest expense will be recognized on the income statement for Year 1 and for Year 2, respectively?

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The Answer of On September 1, Year 1, Wiggins Company issued a $66,000 note payable that had a one-year term and an annual interest rate of 8%. What amount of interest expense will be recognized on the income statement for Year 1 and for Year 2, respectively?

On September 1, Year 1, Wiggins Company Issued a $66,000