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Tidesin Corporation began 2014 owing notes payable of $4.2 million. During 2014 Tidesin borrowed $2.3 million on notes payable and paid off $1.7 million of
Tidesin Corporation began 2014 owing notes payable of $4.2 million. During 2014 Tidesin borrowed $2.3 million on notes payable and paid off $1.7 million of notes payable from prior years. Interest expense for the year was $1.3 million, including $0.2 million of interest payable accrued at December 31, 2014. Show what Tidesin should report for these facts on the following financial statements (Enter all amounts in millions.): 1. Income statement for 2014 a. Interest expense 2. Balance sheet as of December 31, 2014 a. Notes payable b. Interest payable
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