A corporation accrues $1,000 of interest at the end of 2022. The interest will be paid in 2023. Explain the effect on the income statement and balance sheet when the corporation accrues this liability at the end of 2022?

A corporation accrues $1,000 of interest at the end of 2022 . The interest will be paid in 2023 . Explain the effect on the income statement and balance sheet when the corporation accrues this liability at the end of 2022 ? A corporation accrues $1,000 of interest at the end of 2022 . The interest will be paid in 2023 . Explain the effect on the income statement and balance sheet when the corporation accrues this liability at the end of 2022