A $43,000, two-month, 10% note payable was issued on December 1, 2016. What is the amount of interest expense recorded in the year 2017?
A) $494
B) $358
C) $717
D) $42,994
B .Notes Payable 43,000
Interest Expense ($43,000 x 0.1% x 1/12 ) 358
Interest Payable ($43,000 x 0.1% x 1/12 ) 358
Cash 43,717
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