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kykrilka [37]
3 years ago
13

On July 1, 2019, Stacy Company signed a $140,000, one-year, 6 percent note payable. The principal and interest will be paid on J

une 30, 2020. How much interest expense should be reported on the income statement for the year ended December 31, 2019
Business
1 answer:
Ahat [919]3 years ago
8 0

Answer:

Stacy Company

The amount of interest expense that should be reported on the income statement for the year ended December 31, 2019 is:

= $4,200.

Explanation:

a) Data and Calculations:

6% Notes Payable = $140,000

Date of issuance = July 1, 2019

Interest rate per annum = 6%

Total interest expense for the one year = $8,400 ($140,000 * 6%)

Interest expense for the half-year = $4,200 ($140,000 * 6% * 1/2)

b) Therefore, the cash payment on June 30, 2020 will amount to $148,400 ($140,000 + $8,400)

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