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Bittner Company borrows $92,500 on September 1, from Harrington State Bank by signing an $92,500, 11%, 18-month note. How much interest expense should Bittner Company record on December 31 if the company uses a calendar year-end and records adjusting entries only at year-end?

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DGFarness
$183,150 as a year-end adjusting rate. With monthly or bi-monthly rate it would almost be three to four time as much.

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