Abardeen Corp. borrowed $90,000 from the bank on October 1, 2018. The note had an 8%...

Abardeen Corp. borrowed $90,000 from the bank on October 1, 2018. The note had an 8% annual rate of interest and matured on March 31, 2019. Interest and {rincipal were paid in cash on the maturity date.

a). What amount of cash did Abardeen pay for interest in 2018

b). What amount of interest expense was recognized on the 2018 income statement?

c). What amount of total liabilities was reported on December 31, 2018, balance sheet?

d). What total amount of cash was paid to the bank on March 31, 2019, for principal and interest?

e). What amount of interest expense was reported on the 2019 income statement

Expert Solution

ekkarill92 answered 2 years ago

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