On January 1, 2013, Hays borrowed an additional $1,000 from Barnett Bank, bringing the total amount borrowed to $2,000. On January 1, 2014, Hays paid $500 on the principal of the loan. On December 31, 2014, Hays records the 2014 interest payment.
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Taxpayer Info: Star Corp. is a calendar-year, accrual-method C corporation that sells inventory. During 2018, Star Corp had gross sales of $300,000,000 and returns of $10,000,000. At the beginning of the year, Star Corp.
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