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Flint corporation borrowed $1,092,000 from central bank on may 31, 2019. The 3-year, 7% note required annual payments of $416,108 beginning may 31, 2020. Interest expense for the year ended december 31, 2019 was.

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Interest expense for the year ended December 31, 2019, was $387,400.

Interest expense is the cost associated with borrowing money. It is usually calculated as the amount of interest paid on any outstanding debt during a given period of time.

The interest expense for the year ended December 31, 2019 can be calculated as follows:

Interest expense = Principal x Interest rate x Time period

Interest expense = $1,092,000 x 0.07 x (7/12)

Interest expense = $387,400

Therefore, the interest expense for the year ended December 31, 2019, was $387,400.

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