On November 1, 2018, Aviation Training Corp. borrows $52,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31.1.Determine the amount of interest expense that should be recorded in a year-end adjusting entry on December 31, 2018.2.Determine the amount of interest expense that should be recorded in the journal entry on the due date.
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