On August 1, Year 1, Jackson Company issued a one-year $52,000 face value interest-bearing note with a stated interest rate of 9.00% to Galaxy Bank. Jackson accrues interest expense on December 31, Year 1, its calendar year-end.What is the amount of interest expense and the cash outflow for interest during the year ending December 31, Year 1? (Do not round your intermediate calculations.)Interest ExpenseCash Outflow
A.
| $1950? | $1950? |
B.
| $4680? | $0 |
C.
| $4680? | $4680? |
D.
| $1950? | $0 |
Answer: D
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