Calculate and give answer of this General Accounting Question please give me final answer in last On November 30, 20X1 ABC Corporationborrows $72,000 from the bank by signinga 60 day, 5% note agreement.Calculate the interest that should be accruedon this note on December 31, 20X1.

Step 1: Define Accrued Interest:Calculation of accrued interest is important according to Generally…

Answered: On November 30, 20X1 ABC Corporation…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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On November 30, 20X1 ABC Corporation borrows $72,000 from the bank by signing a 60 day, 5% note agreement. Calculate the interest that should be accrued on this note on December 31, 20X1.