On June 1. 2010. Oakcrest Company signed a three-year $100.000 note payable with 9 percent interest. Interest is due on Jun e 1 of each year beginning in 2011 . What amount of interest expense should be reported on the income statement for the year ended December 31. 2010?
a. $5.250
b. $6.000
c. $6.750
d. $9.000
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