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On June 30, 2018, Mortensen Company borrows $30,000,000 at 12%. The note is payable on June 30, 2019 with semi-annual interest payments. Suppose that you

On June 30, 2018, Mortensen Company borrows $30,000,000 at 12%. The note is payable on June 30, 2019 with semi-annual interest payments. Suppose that you prepare adjusting journal entries related to (if any) accrued interest expense on December 31, 2018 (Mortensen's year-end). Which of the following is true? Debit interest expense $1.8 million Credit interest payble $1.8 million None of other answer choices is correct No adjusting journal entries are necessary

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