Hi,

Please review the attached and if I could get help on completing this I would be very grateful. Let me know of any questions. Thanks. I'll reward with a nice tip for good work.

KAC Inc. is preparing year-end financial statements as of December 31, 2014. Prepare the journal entry to record the interest expense accrued during 2014 on each of KAC's outstanding borrowings. Round to the nearest dollar. A. On March 1, 2014 KAC Inc. issued $500,000 of 9% bonds, due in 10 years, with interest payable semiannually. JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Need to provide timeline info listed under appropriate month Need to provide T-Account Info. B. On August 1, 2013, KAC Inc. purchased equipment with a 2-year, $40,000, 5% note, with interest payable annually. JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Need to provide timeline info listed under appropriate month Need to provide T-Account Info. C. On May 30, 2010, KAC Inc. borrowed $300,000 on a 4-year, 6% promissory note, with interest payable annually. JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Need to provide timeline info listed under appropriate month Need to provide T-Account Info. Next, I need to show how the above interest transactions impacted KAC's 2014 Statement of Cash Flows, Income Statement, and the Balance Sheet. STATEMENT OF CASH FLOWS __________ __________ __________ __________ Net change in cash flow __________ INCOME STATEMENT __________ __________ __________ __________ Net Income __________ BALANCE SHEET (Current Period Changes) ASSETS: __________ __________ __________ __________ Change in Assets __________ LIABILITIES + EQUITY: __________ __________ __________ __________ Change in Liabilities + Equity __________