Working an intermediate accounting course. Homework includes a problem of understanding transactions for year-end fiscal statements. Equivalent to problem Kieso, Intermediate Accounting, 15e Problem 5-10: For each of the following transactions occurred during the year, indicate the dollar amount to be reported as a current liability as of December 31, 2014. On December 1, 2014, the company borrowed $972,000 at 8% per year. Interest is paid quarterly. I know this is a Current Liability. I do not understand how they compute the amount for the transaction. I thought it was just the interest for the upcoming quarter. No. Interest for the upcoming month? No. I am confused where they start. NOTE: This textbook is quite possible the worst ever I have encountered in total 8+ plus years of post-secondary schooling. The instructor is no more help in lecture. I appreciate any assistance or guidance.