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Answer (A) is correct . The interest incurred on this financing arrangement can be calculated as follows: Monthly Interest Activity and Annual Months Income/ Balances Rate in Year (Expense) ? Beginning balance $2,000,000 ¡Á 4% ¡Â 12 = $???6,667 January inflows 2,000,000 February balance $4,000,000 ¡Á 4% ¡Â 12 = 13,333 February inflows 1,000,000 March balance $5,000,000 ¡Á 4% ¡Â 12 = 16,667 March outflows (5,000,000) April balance $???????????????0 0 April outflows (3,000,000) May balance $(3,000,000) ¡Á 8% ¡Â 12 = (20,
Answer (B) is incorrect because The amount of $53,000 is approximately the amount of gross interest paid in the 2?months (May and June) that the company will have to pay interest.
Answer (C) is incorrect because The amount of $76,000 fails to include the $2 million beginning cash balance in the calculation.
Answer (D) is incorrect because The amount of $195,000 assumes that each interest amount is paid for a full year instead of only 1?month.