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Classify steve interest expense for the year

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Question - On January 1 of the current year, Steve borrows $150,000, pledging the assets of his business as collateral. He immediately deposits the money in an interest-bearing checking account. Steve already had $21,000 in this account. On May 1, Steve invests $138,000 in a limited real estate partnership. On August 1, he buys a new ski boat for $18,000. On September 1, he makes a $12,000 capital contribution to his unincorporated business. Steve repays $120,000 of the loan on November 30 of the current year. Classify Steve's interest expense for the year.

Reference no: EM133050871

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