Homework Answers
1) a) What is the amount of interest expense that must be recognized on December 31, 2018 when Smithson prepares financial statements?
Amount of Interest:
= $30,000 × 5%× 3/12
= $375
(1st oct to Dec.31 = 3 months)
b) what is the total amount?
| Principal | $30,000 |
| Interest ( $30000* 5%*4/12) | $500 |
| Total Amount | $30,500 |
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