Quick answer of this accounting questions Apex Manufacturing issued a two-year, 8%, $500,000 note on March 31, 2022. Whatwas the interest expense for the year ended December 31, 2022?a. $10,000b. $40,000c. $30,000d. $80,000

Step 1: Definition of Interest ExpenseInterest expense is the cost a company incurs for borrowed…

Answered: Apex Manufacturing issued a two-year,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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Apex Manufacturing issued a two-year, 8%, $500,000 note on March 31, 2022. What was the interest expense for the year ended December 31, 2022? a. $10,000 b. $40,000 c. $30,000 d. $80,000