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What is the amount of interest expense on the loan

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Atlas Ltd. received a bank loan on January 1, 20X1 for $200,000 that bears interest at 3% with fixed annual payments of $20,000 due on January 1, starting in 20X2. In the blank boxes below, please provide the amounts asked for in each of the following questions in this order (when entering amounts please do not use commas, negative signs, dollar signs or cents -please round your answer to the nearest dollar).

Question 1: What is the amount of interest expense on this loan that the company will report in its income statement for the year ending December 31, 20X1?

Question 2: What is the balance that the company will report for the current liability portion of the bank loan on December 31, 20X1?

Question 3: Assume that loan payments were required one day earlier, and the first payment was made by the company on December 31, 20X1. In this case, what balance would the company report in its December 31, 20X1 statement of financial position for the current portion of the bank loan payable?

Reference no: EM132652465

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