3-2Learning Objective 1: Explain how accrual accounting differs from cash-basis accounting) Westwood Corporation began 2014 owing notes payable of $4.7 million. During 2014 Westwood borrowed $1.7 million on the notes payable and paid off $1.6 million of notes payable from prior years interest expense for the year was $0.6 million, including $0.2 million of interest December 31,2014 payable accrued at Show what Westwood should report for these facts on the following financial statement Income statement for 2014 a. Interest expense Balance sheet as of December 31, 2014 a. Notes payable b. Interest payablel 1. 2