Business, 05.05.2020 20:11 stodd9503

West Company borrowed $10,000 on September 1, Year 1 from the Valley Bank. West agreed to pay interest annually at the rate of 6% per year. The note issued by West carried an 18-month term. Based on this information the amount of interest expense appearing on West's Year 1 income statement would be:

a. $0.

b. $234

c. $585

d. $780

Answers: 3

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West Company borrowed $10,000 on September 1, Year 1 from the Valley Bank. West agreed to pay intere...