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

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Accounting

During the past few years, Joseph Company has taken out the following loans from the bank: 1. On June 1, 2026, Joseph Company borrowed $60,000 on a 13%, 10-month note payable 2. On March 1, 2026, Joseph Company borrowed $39,000 on a 14%, 5-month note payable 3. On April 1, 2027, Joseph Company borrowed $63,000 on a 12%, 8-month note payable 4. On July 31, 2027 Joseph Company borrowed $51,000 on an 8%, 9-month note payable Calculate the total amount of interest expense related to these four loans that Joseph Company would report in its 2027 income statement.

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