Q$.$ No$.4$

California Company borrowed $$120,000$ from the issuance payable on August $1,$ Year $1.$ The note had a $7$ percent ann interest and a one$-$year term to maturity.

Required

a$.$ What amount of interest expense will California recogr ending December $31,$ Year $1?$

b$.$ Show how the December $31,$ Year $1,$ adjusting entry to accrued interest expense affects the accounting equation

c$.$ What amount of cash will California pay for interest ex

d$.$ What is the amount of interest payable as of Decemb

e$.$ What amount of cash will California pay for interest e

f$.$ What amount of interest expense will California recog

g$.$ What is the amount of interest payable as of Decemb