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A business borrows the sum of 27,000, to be repaid over a periode The 27,000 is used to purchase dtchen equipment with an expected life of yards depreciation is to be applied over the 4 years 7,000 interest and 600 loan fees are charged on the 27,000 borrowed. The 7000 interest is te an expense, in the income statement, over the 3 years of the loan's life using the sum of the digits method. Required: Income Statement annual depreciation expense Income Statement Interest Expense year 1 Income Statement Interest Expense year 2 Income Statement Interest Expense year 3 APR of the loan Write your workings in the box below and your answers in the boxes below that A B I A business borrows the sum of 27,000, to be repaid over a periode The 27,000 is used to purchase dtchen equipment with an expected life of yards depreciation is to be applied over the 4 years 7,000 interest and 600 loan fees are charged on the 27,000 borrowed. The 7000 interest is te an expense, in the income statement, over the 3 years of the loan's life using the sum of the digits method. Required: Income Statement annual depreciation expense Income Statement Interest Expense year 1 Income Statement Interest Expense year 2 Income Statement Interest Expense year 3 APR of the loan Write your workings in the box below and your answers in the boxes below that A B