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How much is the interest expense of marcy on the note

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On December 1, 2019, Marcy Lou raised emergency funds by issuing an 18% note for P500,000. The note has a term of 4 months, and the agreement states that Marcy will pay the principal in full plus the interest on the maturity date.

Answer the following questions. Round off answers to the nearest peso.

Problem 1. How much is the interest expense of Marcy on this note for the year ended 12.31.19?

Problem 2. How much interest was paid by Marcy on this note for the year ended 12.31.19?

Problem 3. How much interest payable is recognized on this note on 12.31.19?

Problem 4. How much is Marcy's total liabilities pertaining to this transaction on 12.31.19?

Problem 5. What is the adjusting entry on 12.31.19?

Reference no: EM132726714

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