Solution-Interest and principal were paid in cash on

Interest and principal were paid in cash on maturity date

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Reference no: EM133234915

Maria borrowed 600,000 from BDO on September 1,2023 with note carried an 8% annual rate of interest and was set to mature on February 28,2024. The interest and principal were paid in cash on the maturity date.

Questions:

1. What was the amount of interest expense shown in the 2024 in the income statement?

2. What was the amount of cash that was paid to the bank on February 28,2024 for the principal and interest?

3. What was the amount of interest expense paid in cash in 2023?

4. What was the amount of liabilities shown in the 2023 SFP or balance sheet?

5. What was the amount of interest expense to be recognized in the 2023 statement of income?

Reference no: EM133234915

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Interest and principal were paid in cash on maturity date

Reference no: EM133234915

Reference no: EM133234915

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