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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