Question: please answer correctly On July 1 Mr. K. a calendar-year cash basis sole proprietor, paid $3.000 in commitment fees to his bank to have business

please answer correctly please answer correctly On July 1 Mr. K. a calendar-year cash basis

On July 1 Mr. K. a calendar-year cash basis sole proprietor, paid $3.000 in commitment fees to his bank to have business funds made readily available to him over a period of 3 years as needed Mr. K did not borrow any of these funds in the current year Mr. K may deduct $500 of these les as interest on his Schedule for the current year A The B. Fale

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