Great Sporting Goods Inc. began 2020 owing notes payable of ($ 4.0) million. During 2020 , the

Question:

Great Sporting Goods Inc. began 2020 owing notes payable of $\$ 4.0$ million. During 2020 , the company borrowed $\$ 2.6$ million on notes payable and paid off $\$ 2.5$ million of notes payable from prior years. Interest expense for the year was $\$ 1.0$ million, including $\$ 0.2$ million of interest payable accrued at December 31, 2020. Show what Great Sporting Goods Inc. should report for these facts on the following financial statements: image text in transcribed