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Business, 10.03.2020 22:10 willowcollins3753

At December 31, Year 1, a $1,200,000 note payable was included in Cobb Corp.'s liability account balances. The note is dated October 1, Year 1, bears interest at 15%, and is payable in three annual payments including $400,000 of principle plus interest due. The first interest and principal payment was made on October 1, Year 2. In its December 31, Year 2 balance sheet, what amount should Cobb report as accrued interest payable for this note?

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At December 31, Year 1, a $1,200,000 note payable was included in Cobb Corp.'s liability account bal...
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