Westwood Corporation began 2014 owing notes payable of $4.7 million. During 2014 Westwood borrowed $1.7 million on notes payable and paid of $1.6 million of notes payable from prior years. Interest expense for the year was $0.6 million, including $0.2 million of interest payable accrued at December 31, 2014.Show what Westwood should report for these facts on the following financial statements:1. Income statement for 2014a. Interest expense2. Balance sheet as of December 31, 2014a. Notes payableb. Interest payableView Solution:
Westwood Corporation began 2014 owing notes payable of 4 7 million



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