How much interest expense will be reported, Financial Accounting

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How much interest expense will be reported

Problem

On June 1, 2022, Iconic Properties obtained a loan in the amount of $120,000 with an interest rate of12'5'6. All interest and principal are due May 31, 2023. How much interest expense will be reported on the 2022 and 2023 income statement? What is the total liability, if any, on the balance sheet as of December 31, 2022?

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Financial Accounting: How much interest expense will be reported

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Financial Accounting: How much interest expense will be reported

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