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22. Sam Company borrowed $40,000 from the bank on December 1, 2018. The note had an 8 percent annual interest rate and matured on May
22. Sam Company borrowed $40,000 from the bank on December 1, 2018. The note had an 8 percent annual interest rate and matured on May 31, 2019, when Sam paid the principal and interest on the note. Required: Answer the following questions. Show your work. 17 points a) What amount of cash did Sam pay for interest in 2018? b) What amount of interest expense did Sam report on the 2018 income statement? c) What was the amount of liabilities that Sam reported on its balance sheet at the end of 2018?_ d) What was the amount of cash that Sam paid to the bank on May 31, 2019? e) What amount of interest expense was reported on the 2019 income statement
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