Montana Furniture Mart sold $120,000 of furniture on June 30 and accepted the customer's $120,000 10% 1-year note payable in exchange. Montana Furniture Mart would record ___ for interest on December 31 assuming that 10% approximates the market rate of return

Respuesta :

Answer:

Cash borrowed = $120,000

Interest on promissory note = 10%

Explanation: