Santa Clarita Company reported interest expense in 2013 and 2012 of $470,000 and $410,000, respectively. The balance
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1. What summary journal entries would be needed to record all information related to interest in 2013 and 2012?
2. How would interest paid be disclosed in Santa Clarita's statement of cash flows for 2013 and 2012? Santa Clarita uses the indirect method in reporting cash flow from operating activities.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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