A company borrowed $500,000 on a one-year, 10% note on October 1, 2018, with interest and…

A company borrowed $500,000 on a one-year, 10% note on October
1, 2018, with interest and principal to be paid at maturity. How
much interest should be reported on the income statement for the
year ending December 31, 2019?

Place Order

a. $50,000 b. $150,000 c. $75,000 d. $37,500