Crafty Inc. borrowed $10,000 with a five-year 11.26% annual interest rate on 10/1/20X1. On their year-end financial statements dated 12/31/20X1, what amount should be reflected for interest expense? Input your response rounded to a whole number, without commas and without dollar signs. Your Answer: Answer

Crafty Inc. borrowed $10,000 with a five-year 11.26% annual interest rate on 10/1/20X1. On their year-end financial statements dated 12/31/20X1, what amount should be reflected for interest expense? Input your response rounded to a whole number, without commas and without dollar signs. Your Answer: Answer

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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