Problem

On November 30, 2010, Central Food purchased two trucks for a total of $140,000, issuing a...

On November 30, 2010, Central Food purchased two trucks for a total of $140,000, issuing a one-year, 6% note payable, all due at maturity.  The interest on this loan is stated separately.

Refer to the above data. What is the amount of interest expense Central Food’s recognizes on this note in 2011

a $700. b $8,400. c $7,700. d $1,400.

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Solutions For Problems in Chapter 10