Question: How do you solve #6 & 7? pleasee thank you:) QUESTION 6 On August 1, 2018, Mills Company borrowed $109000 cash on a one-year note

How do you solve #6 & 7? pleasee thank you:)

QUESTION 6 On August 1, 2018, Mills Company borrowed $109000 cash on a one-year note that required Mills to pay 10 percent interest and $109000 principal, both on July 31, 2019. Assuming the note is paid when due in 2019, what is the debit to interest payable when recording the payment of the note? QUESTION 7 Pearson Co issue its $178300 at a price of 102, the stated rate is 8%, the bond term is 4 years, and the market rate is 5%. Assume the term of the bonds is 4 years. Using the straight line method of amortization, the interest expense in the 1st year will be $ fton sharing Hide

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