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Exercise 9-2A (Static) Effects of recognizing accrued interest on financial statements LO 9-1 Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Earned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank. 3. Adfusted the accounting records to recognize accrued interest expense on the bank note. The note, isobed on September 1, Year 1. had a one-year term and an 8 percent annual interest rate. Required a. What is the amount of interest payable at December 3t, Year 1 ? b. What is the amount of interest expense in Year 1? c. What is the amount of interest paid in Year 1? d. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash fows. The first transaction has been recorded as an example. Answer is not complete. Complete this question by entering your answers in the tabs below. a. What is the amount of interest payabie at December 31, Year is (0o not round intermodiate calcuintioni.) b. What is the emount of intersst expense in Year 1? 2. What is the amount of interest paid in Year 3 ? Required a. What is the amount of interest payable at December 31 , Year 1? b. What is the amount of interest expense in Year t? c. What is the amount of interest paid in Year 1 ? d. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. The first transaction has been rocorded as an example. Answer is not complete. Complete this question by entering your answers in the tabs below. a. What is the amount of interest payable at December 31, Year 17 (Do not round intermediate calculabions.) b. What is the amount of interest expense in Year 1 ? CWhat is the amount of interest paid in Vear 1 ? Complete this question by entering your answers in the tabs below. Use a horizontal statements model to show how each event affects the bolance sheet, income statement, and statement of cash flows, The first transaction has been recs cash now as operating activitied (OA), investing activities (IA), fnanding activities (FA), or not affected (leave btank).)