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  3. n) on june 1, x2, a business with a december 31 ye

N) On June 1, X2, a business with a December 31 year-end obtains a loan...

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Accounting

N)

On June 1, X2, a business with a December 31 year-end obtains a loan from a financial institution for $12,000. The agreed annual interest rate is 5%. The principal ($12,000) and interest are repayable in one year, ie at maturity of the loan on May 31, X3.

Indicate the amount that should be presented in the income statement as Interest expense for the period X2?

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