On october 1, 2019, donna equipment signed a one-year, 8% interest-bearing note payable for $50,000. assuming that donna equipment maintains its books on a calendar year basis, how much interest expense should be reported in the 2020 income statement?

Interest expense should be reported in the 2020 income statement $3,000

Explanation:

Notes payable amount$ 50,000.00

1 year interest @8% (50000 x 8%)$    4,000.00

Less: Interest for 2019 for 3 months (4000/12*3)$    1,000.00

Interest expense for 2020$    3,000.00

his average speed in km per hour is ≈ 55.4 km/h and about 15.4 m/s.