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What is the amount of interest expense that dcl will report

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DCL Industries purchased a supply of mechanical components from E Corporation on November 1, 2020. In payment for the $48,000 purchase, DCL issued a one-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12%.The PV of an ordinary annuity of $1 used to calculate the payments was 11.25508.

Problem 1: What is the amount of interest expense that DCL will report in its income statement for the year ended December 31, 2020?

Reference no: EM132689701

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