The following are selected transactions of Graves Company. Graves prepares financial statements quarterly .....

Question needed answer; Show the balance sheet presentation of notes and interest payable at December 31.

and What is total interest expense for the year?

Jan. 2	Purchased merchandise on account from Ally Company, $35,100, terms3/10, n/30. (Graves uses the perpetual inventory system.)
Feb. 1	Issued a6%,2-month, $35,100note to Ally in payment of account.
Mar. 31	Accrued interest for2months on Ally note.
Apr. 1	Paid face value and interest on Ally note.
July 1	Purchased equipment from Clark Equipment paying $11,590in cash and signing a7%,3-month, $40,720note.
Sept. 30	Accrued interest for3months on Clark note.
Oct. 1	Paid face value and interest on Clark note.
Dec. 1	Borrowed $18,000from the Jonas Bank by issuing a3-month,6% note with a face value of $18,000.
Dec. 31	Recognized interest expense for1 month on Jonas Bank note