Barrett Company obtained a $80,000 line of credit from the Garden State Bank on January 1,2012.The company agreed to accept a variable interest rate that was set at 2% above the bank's prime lending rate.The bank's prime rate of interest and the amounts borrowed or repaid during the first three months of 2012 are shown in the following table.Assume that Barrett borrows or repays on the first day of each month.Borrowing is shown as a positive amount and repayments are shown as negative amounts indicated by parentheses. The amount of interest expense recognized in March,rounded to the nearest dollar,would be

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Barrett Company obtained a $80,000 line of credit from the Garden State Bank on January 1,2012.The company agreed to accept a variable interest rate that was set at 2% above the bank's prime lending rate.The bank's prime rate of interest and the amounts borrowed or repaid during the first three months of 2012 are shown in the following table.Assume that Barrett borrows or repays on the first day of each month.Borrowing is shown as a positive amount and repayments are shown as negative amounts indicated by parentheses.  The amount of interest expense recognized in March,rounded to the nearest dollar,would be

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The Answer of Barrett Company obtained a $80,000 line of credit from the Garden State Bank on January 1,2012.The company agreed to accept a variable interest rate that was set at 2% above the bank's prime lending rate.The bank's prime rate of interest and the amounts borrowed or repaid during the first three months of 2012 are shown in the following table.Assume that Barrett borrows or repays on the first day of each month.Borrowing is shown as a positive amount and repayments are shown as negative amounts indicated by parentheses.  The amount of interest expense recognized in March,rounded to the nearest dollar,would be

Barrett Company Obtained a $80,000 Line of Credit from the Garden