Question
Harveys Corporation borrowed $74,000 from the bank on November 1, 2014. The note had a 5 percent annual rate of interest and matured on April
Harveys Corporation borrowed $74,000 from the bank on November 1, 2014. The note had a 5 percent annual rate of interest and matured on April 30, 2015. Interest and principal were paid in cash on the maturity date.
a What amount of interest expense was paid in chas in 2014?
b. What amount of interest expense was reported to the 2014 income statement? ( Do not round intermediate calculations and round your final answer to nearest whole dollar amount.)
c. What amoung of total libabilities was reported on the Decemeber 31, 2014 balance sheet? ( Do not round intermediate calculations and round your final answer to nearest whole dollar amount.)
d. What total amount of chas was paid to the bank on Apil 30, 2015 for principal and interest? ( Do not round intermediate calculations.)
e. What amount of interest expense was reported on the 2015 income statement? ( Do not round intermediate calculations and round your final answer to the nearest whole dollar amount.)
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