idk U Question 9 2.5 pts Gatsby, Inc. owed $600,000 on...
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U Question 9 2.5 pts Gatsby, Inc. owed $600,000 on account for inventory purchased on November 1, 2020. The company's fiscal year ends on December 31. Gatsby was unable to pay the amount owed by February 1, 2021 due date because of financial difficulties experienced in early 2021. On February 1, 2021. it signed a $600,000. 12% interest-bearing note. This note was repaid with interest on August 1. 2021. How much interest should Gasby recognize on September 1, 2021 (enter your answer in whole dollars, no comma or dollar sign)? Question 10 2.5 pts On October 1st, a company borrowed $50,000 from Eighth National Bank on a 1-year, 10% note. If the company's fiscal year ends on December 31st a year-end adjust to the financial statements is required to increase interest expense by $5,000 notes payable by $1.250. interest payable by $1,250. prepaid interest by $3,750
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