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Chase Corporation borrowed $90,000 from the bank on November 1, 2018. The note had a 7% annual rate of interest and matured on April 30,
Chase Corporation borrowed $90,000 from the bank on November 1, 2018. The note had a 7% annual rate of interest and matured on April 30, 2019. Interest and principal were paid in cash on the maturity date.
A. What amount of interest expense was paid in cash in 2018?
B. What amount of interest expense was reported in the 2018 income statement?
C, What total amount of cash was paid to the bank on April 30, 2019 for principal and interest?
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