year-end. Required: effect) and "NE' for No Entry (or no effect) on the financial statement. effect) and "NE' for No Entry (or no effect) on the fin ancial statement. 3. On December 31, Brand should record an accrued liability to recognize the interest expense incurred but not paid from October 1 to December 31 , 4. Determine the total cash inflows and outflows that oocurred on the bonds over the eight-year life. Total cash inflows $ Total cash outflows $