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Business, 16.04.2020 19:21 terriblexsiren

On October 1, 2016, Parton Industries borrowed $12 million cash to provide working capital. The loan was made by Second Bank under a short-term line of credit. Parton issued an 8-month, "noninterest-bearing note." 8% is the bank’s stated "discount rate." Parton’s fiscal period is the calendar year. In Parton’s 2016 income statement interest expense for the note will be:

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On October 1, 2016, Parton Industries borrowed $12 million cash to provide working capital. The loan...
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