1. Income statement for 2014 | |
Accounts | In millions |
a. Interest expense [Interest paid + Interest payable] | $1.10 |
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2. Balance sheet as of December 31, 2014 | |
Accounts | In millions |
a. Notes Payable [Refer working note] | $4.30 |
b. Interest Payable | $0.40 |
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Working note - Computation of balance in notes payable as of December 31, 2014 | |
In millions | |
Balance in notes payable as of January 1, 2014 | $3.90 |
Add: Amount borrowed though notes during 2014 | $2.20 |
$6.10 | |
Less: Notes payable paid off during 2014 | $1.80 |
Balance in notes payable as of December 31, 2014 | $4.30 |