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Can you tell me how to calculate this amount, $12,375? a. The long-term debt is...

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Accounting

Can you tell me how to calculate this amount, $12,375?

a. The long-term debt is payable in annual installments of

$30,000, with the next installment due on July 31.

On that date, Speedy Shipwill also pay one year's interest at 9%.

Interest was paid on July 31 of the preceding year. Make the adjusting entry to accrue interest expense at year-end.

Date Accounts and Explanation Debit Credit
(a) Interest Expense 12,375
Interest Payable 12,375
To accrue interest expense at year-end.

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