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On january 1 2016 the pruett company signed a six-month

Question: On January 1, 2016, the Pruett Company signed a six-month, non-interest-bearing note payable for $170,000 and received $162,800 from Your Neighborhood Bank. On January 31, 2016, what amount should Pruett record for interest expense, and what is the net carrying value of the note?

a. $1,200; $161,600

b. $0; $170,000

c. $7,200; $170,000

d. $1,200; $164,000

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Accounting Basics: On january 1 2016 the pruett company signed a six-month

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