Abardeen Corporation borrowed $132,000 from the bank on October 1, 2018. The note had an 9 percent
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Question:
Abardeen Corporation borrowed $132,000 from the bank on October 1, 2018. The note had an 9 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date.
Required
- What amount of cash did Abardeen pay for interest in 2018?
- What amount of interest expense was recognized on the 2018 income statement?
- What amount of total liabilities was reported on the December 31, 2018, balance sheet?
- What total amount of cash was paid to the bank on March 31, 2019, for principal and interest?
- What amount of interest expense was reported on the 2019 income statement?
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