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 12 b. Record the issue of notes payable and recognition of interest on December 31, Year 1, in the accounting equation for Year 1 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 teach 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? Complete this question by entering your answers in the tabs below. Rega ReqB Reg C and D Reg E to G What amount of interest expense will Leach recognize for the year ending December 31, Year 1? (Round your answer to the nearest whole dollar amount) Interest expenso 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, Yeart? b. Record the issue of notes payable and recognition of interest on December 31, Year 1, in the accounting equation for Year 1. 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? Complete this question by entering your answers in the tabs below. Req Req B ReqC and D Reg Eto G Record the issue of notes payable and recognition of interest on December 31, Year 1, in the accounting equation for Year 1. (Round your answers to the nearest whole dollar amount. Enter any decreases to account balances with a minus sign.) LEACH COMPANY Accounting Equation for Year 1 Assets Liabilities Equity Notes Common Interest Retained Event Cash Payable Payable Stock Earnings June 01 Dec 31 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 wil Leach recognize for the year ending December 31, Year 1? b. Record the issue of notes payable and recognition of interest on December 31, Year 1, in the accounting equation for Year 1. 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 teach recognize in Year 2? g. What is the amount of interest payable as of December 31, Year 2? Complete this question by entering your answers in the tabs below. Reg A ReqB Reg C and D Reg Eto G c. What amount of cash will Leach pay for interest expense in Year 17 d. What is the amount of interest payable as of December 31, Year 1? (Round your answer to the nearest whole dollar amount) Year 1 Amount of cash paid d. Interest payable 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. Record the issue of notes payable and recognition of interest on December 31, Year 1, in the accounting equation for Year 1. 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 12 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? Complete this question by entering your answers in the tabs below. Reg A ReqB Reg C and D Red Eto G e. What amount of cash will Leach pay for interest expense in Year 2? 1. What amount of interest expense will teach recognize in Year 27 (Round your answer to the nearest whole dollar amount.) 9. What is the amount of interest payable as of December 31, Year 2? Year 2 e. Interest expense Interest expense 9. Interest payable
