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Discount Mart borrows $400,000 on November 1, 2020 with a 6-month loan that has an annual interest rate of 6% payable when the loan is due. What amounts related to this loan will Discount Mart report on its financial statements for the year ended December 31, 2020? Select one: a. Income statement: $4,000 interest expense; Balance sheet: $400,000 loan payable and $4,000 interest payable; Cash flow statement: $400,000 inflow b. Income statement: $4,000 interest expense; Balance sheet: $400,000 loan payable; Cash flow statement: $396,000 inflow c. Income statement: 0; Balance sheet: $400,000 loan payable $4,000; Cash flow statement: $400,000 net inflow d. Income statement: $4,000 interest expense; Balance sheet: $400,000 loan payable and $4,000 interest payable; Cash flow statement: $396,000 inflow

- November 14, 2022 - Edwin Tunner

Discount Mart borrows $400,000 on November 1, 2020 with a 6-month loan that has an annual interest rate of 6% payable when the loan is due. What amounts related to this loan will Discount Mart report on its financial statements for the year ended December 31, 2020?

Select one:
a. Income statement: $4,000 interest expense; Balance sheet: $400,000 loan payable and $4,000 interest payable; Cash flow statement: $400,000 inflow
b. Income statement: $4,000 interest expense; Balance sheet: $400,000 loan payable; Cash flow statement: $396,000 inflow
c. Income statement: 0; Balance sheet: $400,000 loan payable $4,000; Cash flow statement: $400,000 net inflow
d. Income statement: $4,000 interest expense; Balance sheet: $400,000 loan payable and $4,000 interest payable; Cash flow statement: $396,000 inflow
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