Question

Capeside Corporation began 2014 owing notes payable of $4.1 million During 2014, Capeside borrowed $1.9 million on notes payable and paid off $1.7 million of notes payable from prior years. Interest expense for the year was $1.1 million, including $0.2 million of interest payable accrused at December 31, 2014.

Show what Capeside should report for these facts on the following financial statements (All amounts in millions). Please show all work.

2014 Income Statement

   – Interest Expense

Balance Sheet as of December 31, 2014

   – Notes Payable

   – Interest Payable

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