Question: Great Sporting Goods Inc. began 2017 owing notes payable of $4.0 million. During 2017, the company borrowed $2.6 million on notes payable and paid off

Great Sporting Goods Inc. began 2017 owing notes payable of $4.0 million. During 2017, 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, 2017. 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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