Solved: On january 1 2016 nantucket ferry borrowed 15300000 cash, Accounting Basics

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On january 1 2016 nantucket ferry borrowed 15300000 cash

Question - On January 1, 2016, Nantucket Ferry borrowed $15,300,000 cash from BankOne and issued a five-year, $15,300,000, 5% note. Interest was payable annually on December 31. What is the interest and how do I record the interest for Dec. 31, 2016?

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Accounting Basics: On january 1 2016 nantucket ferry borrowed 15300000 cash

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