Question

Gull Corporation began 2014 style=”background-color:transparent;color:rgb(0,0,0);”> owing notes payable of $3.9 million. During 2014, Gull borrowed $1.8 million on notes payable and paid off $1.7 million of notes payable from prior years. Interest expense for the year was $ 0.5 million, including $ 0.4 million of interest payable accrued at December​ 31, 2014.
Show what Gull should report for these facts on the following financial statements ​(Enter all amounts in ​millions.)​:
1. Income statement for 2014    a. Interest expense2. Balance sheet as of December​ 31, 2014    a. Notes payable    b. Interest payable1. Show what Gull
Gull should report for these facts on the income statement. a. Interest expense __________(in millions)

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