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What amounts should appear as interest expenses

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Question - CGT Reliable Accounting Firm purchased some property on December 31, 2009, for $ 170,000, paying $ 40,000 in cash and obtaining a mortgage loan for the other $ 130,000. The interest rate is 9% per year, with $ 8055 payments made at the end of March, June, September, and December.

a. What amounts should appear as interest expenses on the quarterly income statements and as liabilities on the quarterly balance sheets during 2009?

b. What amount of interest expenses should appear on the 2009 year-end income statement?

Reference no: EM131820078

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