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A company reported interest expense of $520,000 for the year. Interest payable was $29,000 and $69,000 at the beginning and the end of the year, respectively. What was the amount of interest paid? Multiple Choice $589,000 $480,000 $549,000 $560,000

A company reported interest expense of $520,000 for the year. Interest payable was $29,000 and $69,000 at the beginning and the end of the year, respectively. What was the amount of interest paid? Multiple Choice $589,000 $480,000 $549,000 $560,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company reported interest expense of $520,000 for the year. Interest payable was $29,000 and $69,000 at the beginning and the end of the year, respectively. What was the amount of interest paid? Multiple Choice $589,000 $480,000 $549,000 $560,000
Transcribed Image Text:A company reported interest expense of $520,000 for the year. Interest payable was $29,000 and $69,000 at the beginning and the end of the year, respectively. What was the amount of interest paid? Multiple Choice $589,000 $480,000 $549,000 $560,000
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