Georgia company borrowed 600000 from a bank on may 1 2007

Reference no: EM13576203

Georgia company borrowed 600,000 from a bank on may 1, 2007. the bank required a return of 12% on the loan. The loan is to be repaid over 12 months in equal installments. georgia companys fiscal year ends on december 31.

*prepare an amortization table for the loan for the 12 month period.

*how much interest expense would Georgia report on the loan for its 2007 fiscal year?

*how much interest expense would it report for 2008?

*what amount of liability would Georgia report for the loan at the end of 2007?

*What amount would it report at the end of 2008?

Reference no: EM13576203

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