Question

Dunes de Cor ar tan ne an 2014 머Mng nons n yable o S3 9 accrued at December 31, 2014. illan Du ng 2014 Dunesi e barraw d S2 2

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Answer #1
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
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