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[answered] 10) The Kylie Company prepares annual ?nancial statements a


10) The Kylie Company prepares annual ?nancial statements at December 31 of each year. On April 1, 20x5 they borrowed $500,000 from the bank. The Kylie Company must pay interest of 12% plus $50,000 on April 1 each year starting in 20x6. The journal entry on December 31, 20x5 is: A. Interest Expense $ 45,000 Cash $ 45,000 B. Interest Expense $60,000 Cash $60,000 C . Interest Expense $60,000 Note Payable $50,000 Cash $110,000 D. Interest Expense $ 45,000 Interest Payable $ 45,000 E. Interest Payable $ 45,000 Interest Expense $ 45,000
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