Inferring an effective interest rate from the financial statements(LO 2, 3)The following information was extracted from the financial records of Leong Cosmetics:20192018Balance SheetNotes payable$200,000$200,000Less: Discount on notes payable 12,000 14,400Income StatementInterest expense$ 16,400$ 16,200What is the effective interest rate on the notes payable?Prepare the journal entry to record interest expense during 2019.
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