Question: Great Sporting Goods Inc. began 2014 owing notes payable of $4.0 million. During 2014, the company borrowed $2.6 million on notes payable and paid off

Great Sporting Goods Inc. began 2014 owing notes payable of $4.0 million. During 2014, the company borrowed $2.6 million on notes payable and paid off $2.5 million of notes payable from prior years. Interest expense for the year was $1.0 million, including $0.2 million of interest payable accrued at December 31, 2014. Show what Great Sporting Goods Inc. should report for these facts on the following financial statements:
• Income Statement • Balance Sheet
Interest expense Notes payable
Interest payable

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