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need help with part d) balance sheet At January 1, 2021, Han Merchants had a balance in the Interest Payable account for several notes it

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need help with part d) balance sheet

At January 1, 2021, Han Merchants had a balance in the Interest Payable account for several notes it had signed and given to suppliers in exchange for outstanding accounts payable. The following table contains the details of the notes payable and the balance of the interest accrued on each note as at the end of the last fiscal year, December 31, 2020. Interest Rate Issue Date Term 1 Note Principal $5,100 6,600 9,300 Interest Accrued $25.50 24.75 Supplier Tessier Inc. Wolde Inc. Deng Inc. 3% 3 months 5 months 2 3 Nov. 1, 2020 Nov. 30, 2020 Dec. 1, 2020 4.5% 4% 1 year 31.00 Total $81.25 All notes require that the interest be paid at the maturity of the note. All notes and interest were paid on time. Han prepares adjusting entries at the end of its calendar fiscal year. Additional transactions of 2021: Mar. 1 Oct. 30 Signed a $10,500, one-year, 3% note to Lalonde Ltd. in settlement of an accounts payable. Interest is due at maturity. Signed a $4,200, three-month, 4.5% note to Hanover Ltd. in settlement of an accounts payable. Interest is due at maturity. Nov. 30 Borrowed from RBC $10,800 cash in exchange for a two-year 4% note with interest due at maturity. Account Titles and Explanation Date 2021 Debit Credit Feb. 1 Interest Payable 25.50 Interest Expense V 12.75 Notes Payable - Tessier 5.100 Cash V 5.138.25 Mar. 1 Accounts Payable 10,500 Notes Payable - Lalonde 10,500 Apr. 30 Interest Payable 24.75 Interest Expense 99 Notes Payable - Wolde 6,600 Cash 6,723.75 Oct. 30 Accounts Payable 4,200 Notes Payable - Hanover 4,200 Nov. 30 Cash 10,800 Mar. 1 Accounts Payable 10,500 Notes Payable - Lalonde 10,500 Apr. 30 Interest Payable 24.75 Interest Expense 99 Notes Payable - Wolde 6,600 Cash 6.723.75 Oct. 30 V Accounts Payable 4,200 Notes Payable - Hanover 4,200 Nov. 30 Cash 10.800 Notes Payable - RBC 10.800 Dec. 1 Interest Payable 31.00 Interest Expense v 341 Notes Payable - Deng 9,300 Cash 9,672 (b) Your answer is correct. Prepare any adjusting entry required on December 31, 2021. (Round answers to 2 decimal places, e.g. 52.76. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 330 Dec. 31 Interest Expense 330 Interest Payable (c) Your answer is correct. What amount will appear under interest expense for Han's income statement for the year ended December 31, 2021? Where will this amount be classified on the income statement? (Round answer to 2 decimal places, eg. 52.76.) Income Statement Classification Amount 782.75 Interest expense Other Expenses (d) Your answer is partially correct. What will be the amounts and classifications that will appear on Han's balance sheet at December 31, 2021, concerning the notes payable? (Round answers to 2 decimal places, eg. 52.76.) Han Merchants (Partial) Balance Sheet V December 31, 2021 Current Liabilities $ Notes Payable Interest Payable

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