Leach Company borrowed $120,000 cash by issuing a note payable on June 1. Year 1...
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Accounting
Leach Company borrowed $120,000 cash by issuing a note payable on June 1. Year 1 The note had an 9 percent annual rate of Interest and a one-year term to maturity Required a. What amount of interest expense will Leach recognize for the year ending December 31 Year 19 b. Record the issue of notes payable and recognition of interest on December 31. Year 1, in the accounting equation for Year 1 c. What amount of cash will teach pay for interest expense in Year 1? d. What is the amount of interest payable as of December 31 Year 12 e. What amount of cash will Leach pay for interest expense in Year 2? f. What amount of interest expense will Leach recognize in Year 22 g. What is the amount of interest payable as of December 31. Year 2
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