Required information Exercise 7-5 (Algo) Notes payable-discount basis LO 2 The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $224,200. The interest rate charged by the bank was 6.75%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part b b. Calculate the amount of interest expense applicable to this loan during the fiscal year ended June 30, 2019. Interest expense Required information Exercise 7-5 (Algo) Notes payable-discount basis LO 2 [The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $224,200. The interest rate charged by the bank was 6.75%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part c c. What is the amount of the current liability related to this loan to be shown in the June 30, 2019, balance sheet? Current liability Required information Exercise 7-7 (Algo) Other accrued liabilities-payroll taxes LO 4 The following information applies to the questions displayed below] At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm's accountant neglected to accrue payroll taxes of $4,805 that were applicable to payrolls for the year then ended. Exercise 7-7 (Algo) Part a- Horizontal Model Required: a-1. Use the horizontal model to show the effect of the accrual that should have been made as of March 31, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Assets Balance Sheet Liabilities Income Statement Stockholders' Equity Net Income Revenues firm's accountant neglected to accrue payroll en made as of March 31, 2019. Indicate the financial clal statement effect.) Income Statement tockholders' Equity Net Income Revenues Expenses