Homework Answers
Answer
- Note amount = $ 40000
- Interest rate = 6%
- 12 month Interest = 40000 x 6% = $ 2,400
- Period: Aug 1, 2018 to April 30, 2019
- No. of months falling in 2019 = 4 months
Jan, Feb, Mar and April - Answer: Interest expense for 2019’s Income Statement
= $ 2,400 x 4 months / 12 months
= $ 800 - Answer = $ 800
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