Homework Answers
1 ) Interest expense ( on income statement ) 2020 = $ 0.6 million
2 ) a ) Notes payable (On the balance sheet as of 31 Dec 2020) = Notes payable in the beginning of 2020 + Additional notes payable issued during 2020 - Notes payable repaid during 2020
= 4+1.9-1.8
= 4.1 millions
b ) b. Interest payable (on the balance sheet as of 31 Dec 2020 ) = $0.4 million
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