Business, 26.11.2020 05:20, KenzieD7876

Assume that Cram Sales Company completed the following note payable transactions:.2016July 1 Purchased delivery truck costing $57,000 by issuing a one-year, 6% note payable. Dec 31 Accrued interest on the note payable. 2017 Jul 1 Paid the note payable at maturity. Read the requirements. Requirement 1. How much interest expense must be accrued at December 31, 2016? Round your answer to the nearest whole dollar. The interest expense accrued at December 31, 2016 is $ Requirement 2. Determine the amount of Cram Sales' final payment on October 1, 2017. The amount of Cram Sales final payment on October 1, 2017 is $ Requirement 3. How much interest expense will Cram Sales report for 2016 and for 2017? (Round your answers to the nearest whole dollar) The company will report interest expense of $ in 2016 and $ in 2017.

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Assume that Cram Sales Company completed the following note payable transactions:.2016July 1 Purchas...