Required information Exercise 7-10 Amortization of a long-term loan LO 7-5 [The following information applies to the questions displayed below.] A partial amortization schedule for a 10-year note payable that Mabry Company issued on January 1, 2018, is shown as follows Accounting Period 2018 2019 2020 Principal Balance January 1 $200,000 184,826 168,742 Cash Payment $27,174 27,174 27,174 Applied to Interest $12,000 11,090 10,125 Applied to Principal $15,174 16,084 17,049 Exercise 7-10 Part a Required a. What rate of interest is Mabry Company paying on the note? Rate of interest Required information Exercise 7-10 Amortization of a long-term loan LO 7-5 The following information applies to the questions displayed below.] A partial amortization schedule for a 10-year note payable that Mabry Company issued on January 1, 2018, is shown as follows Accounting Period 2018 2019 2020 Principal Balance January 1 $200,000 184,826 168,742 Cash Payment $27,174 27,174 27,174 Applied to Interest $12,000 11,090 10,125 Applied to Principal $15,174 16,084 17,049 Exercise 7-10 Part b b. Using a financial statements model like the one shown, record the appropriate amounts for the following two events: (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), financing activities (FA), or does not affect (NA).) (1) January 1, 2018, issue of the note payable (2) December 31, 2018, payment on the note payable MABRY COMPANY Horizontal Statements Model Balance Sheet Income Statement Event Statement of Cash Flows Assets LiabilitiesStockholder's RevenueExpense Net Income ul 2. Required information Exercise 7-10 Amortization of a long-term loan LO 7-5 [The following information applies to the questions displayed below.] A partial amortization schedule for a 10-year note payable that Mabry Company issued on January 1, 2018, is shown as follows Accounting Period 2018 2019 2020 Principal Balance January 1 $200,000 184,826 168,742 Cash Payment $27,174 27,174 27,174 Applied to Interest $12,000 11,090 10,125 Applied to Principal $15,174 16,084 17,049 Exercise 7-10 Part c c. If the company earned $62,000 cash revenue and paid $45,000 in cash expenses in addition to the interest in 2018, what is the amount of each of the following? (Cash outflows should be indicated with a minus sign.) (1) Net income for 2018 (2) Cash flow from operating activities for 2018 (3) Cash flow from financing activities for 2018 Required information Exercise 7-10 Amortization of a long-term loan LO 7-5 [The following information applies to the questions displayed belowj A partial amortization schedule for a 10-year note payable that Mabry Company issued on January 1, 2018, is shown as follows Accounting Period 2018 2019 2020 Principal Balance January 1 $200,000 184,826 168,742 Cash Payment $27,174 27,174 27,174 Applied to Interest $12,000 11,090 10,125 Applied to Principal $15,174 16,084 17,049 Exercise 7-10 Part d d. What is the amount of interest expense on this loan for 2021? (Round your answers to the nearest whole dollar amount.) Interest expense