On January 1, Year 1, Needham, Inc., borrowed $10,000 at 6% for four years. The note requires annual payments of $2,886 on December 31 of each year. For each item, select the amount as of or for the Year Ended December 31, Year 1, in the column of the one financial statement where the amount is found. What is Cash Paid for interest?
A. (7,200); Income Statement
B. (2,286); Income Statement
C. (600); Income Statement
D. (300); Income Statement
E. (600); Statement of Cash Flows - Operating Activities
F. 7,714; Statement of Cash Flows - Operating Activities
G. (2,886); Statement of Cash Flows - Financing Activities
H. (2,286); Statement of Cash Flows - Financing Activities
I. (600); Balance Sheet
J. 7,114; Balance Sheet
K. 7,714; Balance Sheet
Ans: E. (600); Statement of Cash Flows - Operating Activities
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