Jane's Donut Co. borrowed $193,000 on January 1, 2021, and signed a two-year note bearing interest...

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Question

Jane's Donut Co. borrowed $193,000 on January 1, 2021, and signed a two-year note bearing interest...

Jane's Donut Co. borrowed $193,000 on January 1, 2021, and signed a two-year note bearing interest at 9%. Interest is payable in full at maturity on January 1, 2023. In connection with this note, Jane's should report interest expense at December 31, 2021, in the amount of:

Multiple Choice

$34,740.
$17,370.
$36,824.
$0.

business accounting

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Answer 1

Answer #1

Answer : $ 17,370

Interest Expenses reported at December 31,2021

Interest Expenses = 193,000*9% = $17,370 (answer)

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Answer 2

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Jane's Donut Co. borrowed $193,000 on January 1, 2021, and signed a two-year note bearing interest...