Leach Company borrowed $$80,000$ cash by issuing a note payable on June $1,$ Year $1.$ The note had an $8$ percent annual rate of interest and a one$-$year term to maturity.

Required

a$.$ What amount of interest expense will Leach recognize for the year ending December $31,$ Year $1?$

b$.$ Show how the December $31,$ Year $1,$ adjusting entry to recognize the accrued interest expense affects the accounting equation.

c$.$ What amount of cash will Leach pay for interest expense in Year $1?$

d$.$ What is the amount of interest payable as of December $31,$ Year $1?$

e$.$ What amount of cash will Leach pay for interest expense in Year $2?$

f$.$ What amount of interest expense will Leach recognize in Year $2?$

g$.$ What is the amount of interest payable as of December $31,$ Year $2?$

What amount of interest expense will Leach recognize for the year ending December $31,$ Year $1?$ What amount of cash will Leach pay for interest expense in Year $1?$ What is the amount of interest payable as of December $31,$ Year $1?$ What amount of cash will Leach pay for interest expense in Year $2?$ What amount of interest expense will Leach recognize in Year $2?$ What is the amount of interest payable as of December $31,$ Year $2?($Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.$)$

Show less $$

a$.$ Interest expense recognized in Year $1$

c$.$ Cash paid for interest expense in Year $1$

d$.$ Interest payable at the end of Year $1$

e$.$ Cash paid for interest expense in Year $2$

f$.$ Interest expense recognized in Year $2$

g$.$ Interest payable at the end of Year $2$

Show how the December $31,$ Year $1,$ adjusting entry to recognize the accrued interest expense affects the accounting equation. $($Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Enter any decreases to account balances with a minus sign.$)$

Show

LEACH COMPANY

Accounting Equation for Year $1$

$\backslash$table$[[$Event$,\backslash$table$[[$Assets$],[$Cash$]],\backslash$table$[[=$