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LO 4-4 4.49 Analytical Procedures and Interest Expe Weyman z wannamaker is the chief financial officer of Co Company. He prides himself on able to manage the company's cash resources to minimize the interest expense. Consequently, on the second business day of month, Weyman pays or draws cash on Cogburn's revolving line of credit at First National Bank in accordance with his cash requirements forecast You are the auditor. You find the information on this line of credit in the following table at First National Bank and learned that Company's agreement specifies yment on the first day of each month for the interest due on the previous month's outstanding balance at the rate of "prime plus 15 percent." The bank you a report that showed the prime rate of interest was 8.5 percent for the first six months of the year and 8.0 percent for the last six months. Cogburn Company Notes Payable Balances Balance Date $150,000 Jan 1 200,000 Feb 1 225,000 Apr 1 285,000 May 1 375,000 Jun 1 430,000 Aug 1 Bookshelf Online Audting & Assurance Services 290,000 Sep 1 210,000 Oct 1 172,000 Nov 1 95,000 Dec 1