I cant seem to come up with the right answer to this question. I need to find the interest expense to record it in the journal. Any help would be awesome.
Johnson's borrowed $150,000 at a 12 percent annual interest rate on April 1, 2010, to expand its boat storage facility. The loan requires Johnson's to pay the interest quarterly until the note is repaid in three years. Johnson's paid quarterly interest on July 1 and October 1.
Johnson's borrowed $150,000 at a 12 percent annual interest rate on April 1, 2010, to expand its boat storage facility. The loan requires Johnson's to pay the interest quarterly until the note is repaid in three years. Johnson's paid quarterly interest on July 1 and October 1.