1. On July 31, 2020, Stewart Security was awarded a contract for $102,300 to provide 3,100 hours...
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1. On July 31, 2020, Stewart Security was awarded a contract for $102,300 to provide 3,100 hours of overnight security services to the city of Kaysville for the next 2 years. The full contract price was paid to Stewart on July 31. As of December 31, 2020, Stewart had spent 810 hours providing security services. What amount will Stewart report as a liability related to this contract on December 31, 2020?
2. Sally Corp. borrowed $360,000 from County Bank on January 1, 2020 signing a 15 year note payable. The loan has an annual interest rate of 4% and a fixed annual payment of $32,379. Annual payments begin January 1, 2021. What amount of the payment made on January 1, 2022 will be interest expense?
Round your answer to the dollar.
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