$700,000 X 9% = $63,000 which is the annual interest expense that they will incur each year. Because it isn't paid until January 1st, it is rolled into the Interest Payable account.
Instead of living in a service economy, we now live in a(n) Mixed economy.
Explanation:
A mixed economy consist of both private and government /state owned economies which share control of owning, making, selling, and exchanging good in the country.
