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Wilkinson Company had the following transactions involving notes payable. Aug. 1, 2020 Dec. 1.2020 Dec. 31, 2020 Mar. 1, 2021 Borrows $80,000 from City National

Wilkinson Company had the following transactions involving notes payable. Aug. 1, 2020 Dec. 1.2020 Dec. 31, 2020 Mar. 1, 2021 Borrows $80,000 from City National Bank by signing a 9-month, 9% note. Borrows $90,000 from Admire State Bank by signing a 3-month, 10% note. Prepare adjusting entries. Pays principal and interest to Admire State Bank.

Q. What amount of interest expense is reported in the 2020 income statement?

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