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How much is interest expense on year-end income statement

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Question 1: On September 1, Kayla Co. bought equipment for $60,000 putting 20% down and borrowing the rest at 8% due in one year. Kayla also took out a two-month loan for $40,000 on October 1 at 7%. How much is interest expense on the 12/31 year-end Income Statement?

a. $3,760

b. $4,080

c. $1,747

d. $1,427

e. None of the above

Reference no: EM132570004

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