Oklahoma Oil Corp. paid interest of $785,000 during 2011, and the interest payable account decreased by $125,000. What was interest expense for the year?
A. $890,000.
B. $660,000.
C. $555,000.
D. $785,000.
Answer: B
Oklahoma Oil Corp. paid interest of $785,000 during 2011, and the interest payable account decreased by $125,000. What was interest expense for the year?
A. $890,000.
B. $660,000.
C. $555,000.
D. $785,000.
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.