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On November 1, 2024, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 7% note payable. Interest is

On November 1, 2024, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 7% note payable. Interest is payable at maturity. Aviations year-end is December 31.

Describe how the interest related to the loan will affect the Balance Sheet, the Income Statement, and the Statement of Cash Flow produced on December 31, 2024.

Describe the Balance Sheet effect?

Describe the Income Statement effect?

Describe the Statement of Cash Flow effect?

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