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How much interest expense will Purifier record on December

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Questions -

Q1. On September 30, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How much interest expense will Purifier record on December 31?

Q2. Murals-R-Us Corporation is being sued for $12 million for age discrimination. The company lawyers believe the lawsuit will be thrown out by the courts because the plaintiff has no evidence. How would the Murals-R-Us accountants account for this lawsuit?

None of these

Do not disclose the lawsuit

Record the contingent liability as a footnote in the financial statements

Record the contingent liability in the financial statements for $12 million

Reference no: EM133049134

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