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How much interest expense will be reported

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Question - On September 1, 2020, Peter Parker borrowed money from Jamieson Bank. The loan was for $60,000, with an interest rate of 8%. All interest and principal are due August 31, 2022. How much interest expense will be reported on the 2020 and 2021 income statement? What is the total liability, if any, on the balance sheet as of December 31, 2020?

Reference no: EM133087137

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