During the past few years, ABC Company has taken out the following loans from the...

Name: During the past few years, ABC Company has taken out the fol
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Accounting

During the past few years, ABC Company has taken out the following loans from the bank: 1. On August 1, 2017, ABC Company borrowed $18,000 on a 9%, 11-month note payable 2. On February 1, 2018, ABC Company borrowed $30,000 on a 10%, 8-month note payable 3. On June 1, 2018, ABC Company borrowed $24,000 on a 13%, 9-month note payable Calculate the total amount of interest expense related to these loans that ABC Company would report in its 2018 income statement.

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