The year-end Trial Balance of Quin plc reports £400,000 8% Loan notes (issued 2004) and £16,000 as interest paid. In this regard identify the amounts to be reported as expense in the Statement of income for the year ended 31.12.2011 and as current liability on the Statement of financial position.

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Interest expense a £16,000 b £32,000 c £32,000 d £48,000 Current liability £32,000 £32,000 £16,000 £16,000