Gull Corporation began 2014 owing notes payable of $3.9 million. During 2014, Gull borrowed $1.8 million on notes payable and paid off $1.7 million of notes payable from prior years. Interest expense for the year was $ 0.5 million, including $ 0.4 million of interest payable accrued at December31, 2014.

Show what Gull should report for these facts on the following financial statements (Enter all amounts in millions.):

1. Income statement for 2014

a. Interest expense

2. Balance sheet as of December31, 2014

a. Notes payable

b. Interest payable

1. Show what Gull

Gull should report for these facts on the income statement.

a. Interest expense __________(in millions)