Identify each of the following items with its appropriate financial statement, using the following abbreviations: Income Statement (IS), Statement of Retained Earnings (RE), Balance Sheet (BS), and Statement of Cash Flows (CF). Some items may appear on more than one financial statement.
Definitions:
Interest Rate
The percentage at which interest is charged or paid on a loan or investment over a specified period.
Accrued Interest
Interest that has accumulated over a period of time but has not yet been paid.
Premium
An amount paid for an insurance policy, or the price above the normal or nominal cost in financial transactions.
Discount
A reduction from the usual cost of something, often expressed as a percentage off the original price.
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