Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: Earned $1,400 of cash revenue. Borrowed $2,500 cash from the bank. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1, had a one-year term and an 4 percent annual interest rate. Required: a. What is the amount of interest payable at December 31, Year 1

In 2017, "a public university was awarded a federal reimbursement grant" of $18 million to carry out research. of this, $12 million was intended to cover direct costs and $6 million to cover overhead. in a particular year, the university incurred $4 million in allowable direct costs and received $3.4 million from the federal government. it expected to incur the remaining costs and collect the remaining balance in 2018. for 2017 it should recognize revenues from the grant of