Business, 24.10.2019 23:43 allieballey0727

At december 31, 2017, moonlight bay had a 10% installment note payable to third mercantile bank with a balance of $610,000. the annual payment is $115,000, payable each june 30. on january 1, 2018, moonlight bay leased a building under a finance lease calling for four annual lease payments of $40,000 beginning january 1, 2018. moonlight bay’s incremental borrowing rate on the date of the lease was 9% and the lessor’s implicit rate, which was known by moonlight bay, was 8%.calculate interest expense for the year ended december 31, 2018.

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At december 31, 2017, moonlight bay had a 10% installment note payable to third mercantile bank with...