Kinsella Seed borrowed $800,000 on April 1, 2019, at 12% annual interest rate. The interest i principalate due on April

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Kinsella Seed Borrowed 800 000 On April 1 2019 At 12 Annual Interest Rate The Interest I Principalate Due On April 1 (27.8 KiB) Viewed 41 times

Kinsella Seed borrowed $800,000 on April 1, 2019, at 12% annual interest rate. The interest i principalate due on April 1, 2020. Kinsella's fiscal year ends at December 31. What journal entry should be made with respect to the interest payment on April 1, 2020? Debit Interest Expense 24,000: Debit Interest Payable 72,000: Credit Cash 96,000 Debit Interest Expense 16,000; Debit Interest Payable 80.000; Credit Cash 96,000 Debit Interest Expense 72,000; Credit Cash 72,000 Debit Interest Expense 96,000; Credit Cash 96,000