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Determine how much interest expense the company will include in the income statements and the amount of the liability the company will report in the balance sheets for this note for 2021 and 2022. (Do not round intermediate calculations. Round your answers to the nearest whole dollars.) 2021 2022 Interest expense $2,904 $3,252 Liability amount $27,104 $23,852

Answers

Answer 1

The company will report an interest expense of $2,904 and a liability amount of $27,104 for the note in 2021. In 2022, the interest expense will increase to $3,252, and the liability amount will decrease to $23,852.

In 2021, the company will include an interest expense of $2,904 in its income statement. This interest expense represents the cost of borrowing money on a note. The liability amount related to this note that the company will report on its balance sheet for 2021 is $27,104. This liability represents the outstanding amount owed on the note at the end of 2021.

In 2022, the company will include an interest expense of $3,252 in its income statement. This interest expense reflects the increased cost of borrowing money on the note.

The liability amount related to this note that the company will report on its balance sheet for 2022 is $23,852. This liability represents the reduced outstanding amount owed on the note at the end of 2022.

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Answer 2

Answer:

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Explanation:

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