Rosalinda Perez Forwarders borrowed P600,000 from the bank on Sept. 1, 2020. The note carried an 8% annual rate of interest and was set to mature on Feb. 28, 2021 What was the amount of interest expense recognized on the 2020 income What was the total amount of cash that was paid to the bank on Feb. 28, 2021 for SECTION: Problem #4 Accrual of Interest Expense Interest and principal were paid in cash on the maturity date. Required: 1. What was the amount of interest expense paid in cash in 2020? 2. statement? 3. What was the amount of total liabilities shown on the 2020 balance sheet? 4. principal and interest? 5. What was the amount of interest expense shown on the 2021 income statement?