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on january 1, 2016, the rebel alliance purchased an X-wing fighter from Lucas Industries, issuinga 4% nterest bearing 3 year note in th amount of
on january 1, 2016, the rebel alliance purchased an X-wing fighter from Lucas Industries, issuinga 4% nterest bearing 3 year note in th amount of 100,000. annual payments of 36,035 are due at the ed of each year starting on december 31, 2016. the alliance's incremental borrowing rate is 10%. how much interest expense was recorded on The Alliances income statement at December 31, 2016?
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