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Written answer or type in the right format, please. (B) Iris Limited borrowed $90,000 from HSU Bank by signing a one-year 8% note payable on
Written answer or type in the right format, please.
(B) Iris Limited borrowed $90,000 from HSU Bank by signing a one-year 8% note payable on 1 May 2019. The year end of Iris Limited is 31 December. Required: (a) Calculate the interest expense for Iris Limited for the year ended 31 December 2019. (2 marks) (b) Prepare journal entries to record the payment of the note payable for Iris Limited on 1 May 2020. (Narration is NOT required.) (4 marks) [Total marks for Question 1: 20 marks] 1Step by Step Solution
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Managerial Accounting
Authors: Morse Hartgraves
8th Edition
1618532359, 9781618532350
