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Roman Co. borrows $45,000 on February 1, 2019. The loan's maturity is July 31, 2019 and the annual interest rate is 8%. Interest is
Roman Co. borrows $45,000 on February 1, 2019. The loan's maturity is July 31, 2019 and the annual interest rate is 8%. Interest is paid on April 30, 2019, and again at maturity. Roman closes its books to prepare financial reports quarterly on March 31, June 30, September 30, and December 31. a. How much interest expense will Roman accrue on March 31? $ b. How much cash interest will Roman pay on April 30? $ c. How much total cash will Roman pay on July 31? $ d. How much total interest expense will Roman record over the 6 months that the loan is outstanding? $
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