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help me please thank you Use the following information for the next three (3) questions: Kala Company regularly borrows from the bank in order to
help me please thank you
Use the following information for the next three (3) questions: Kala Company regularly borrows from the bank in order to finance working capital. The following schedule shows loans with 12% interest rate, with interest payable at maturity. All loans are repaid on their scheduled maturity dates, and interest expense is recorded when the loans are repaid, with no adjustments taken up at year end. Date of Loan Amount Maturity Date Term of Loan November 1, 2014 P1,500,000 October 31, 2015 One year February 1, 2015 2,500,000 July 31, 2015 Six months May 1, 2015 1,000,000 January 31, 2016 Nine months 43) How much did Kala Company record as interest expense during the year 2015? A. 225.000 B. 300,000 C. 330,000 D. 390,000 44) What is the correct interest expense during the year 2015 as a result of the above loans? A. 300,000 B. 330,000 C. 380,000 D. 390.000 45) How much notes payable, inclusive of interest payable should be shown in the current liabilities section of the statement of financial position as a result of the foregoing loans on December 31, 2015? A. 1,000,000 B. 1,080,000 c. 3,500,000 D. 3,855,000 Step by Step Solution
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