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Calculate the total amount of interest expense

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Question - During the past few years, ABC Company has taken out the following loans from the bank:

1) On September 1, 2022, ABC Company borrowed $18,000 on a 10%, 11-month note payable

2) On June 1, 2023, ABC Company borrowed $36,000 on an 8%, 8-month note payable

Calculate the total amount of interest expense related to these two loans that ABC Company would report in its 2023 income statement assuming a year-end of December 31.

Reference no: EM132651696

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