FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Cran Sales Company completed the following note payable transactions:
(Click the icon to view the transactions.)
Read the requirements.
Requirement 1. How much interest expense must be accrued at December 31, 2021? (Round your answer to the nearest whole dollar.)
The interest expense accrued at December 31, 2021 is
More info
Apr 1, 2021
Dec 31, 2021
Apr 1, 2022
Purchased delivery truck costing $58,000 by issuing a one-year,
4% note payable.
Accrued interest on the note payable.
Paid the note payable at maturity.
Print
Done
- X
Requirements
1.
2.
3.
How much interest expense must be accrued at December 31, 2021? (Round your
answer to the nearest whole dollar.)
Determine the amount of Cran Sales' final payment on April 1, 2022.
How much interest expense will Cran Sales report for 2021 and for 2022? (If needed.
round your answer to the nearest whole dollar.)
Print
Done
X
expand button
Transcribed Image Text:Cran Sales Company completed the following note payable transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. How much interest expense must be accrued at December 31, 2021? (Round your answer to the nearest whole dollar.) The interest expense accrued at December 31, 2021 is More info Apr 1, 2021 Dec 31, 2021 Apr 1, 2022 Purchased delivery truck costing $58,000 by issuing a one-year, 4% note payable. Accrued interest on the note payable. Paid the note payable at maturity. Print Done - X Requirements 1. 2. 3. How much interest expense must be accrued at December 31, 2021? (Round your answer to the nearest whole dollar.) Determine the amount of Cran Sales' final payment on April 1, 2022. How much interest expense will Cran Sales report for 2021 and for 2022? (If needed. round your answer to the nearest whole dollar.) Print Done X
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