Business, 11.03.2020 00:17 aliceohern
On September 1, 20x3, Brak Co. borrowed on a $1,350,000 note payable from the Federal Bank. The note bears interest at 12% and is payable in three equal annual principal payments of $450,000. On this date, the bank's prime rate was 11%. The first annual payment for interest and principal was made on September 1, 20x4.At December 31, 20x4, what amount should Brak report as accrued interest payable?A. $54,000B. $49,500C. $36,000D. $33,000
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On September 1, 20x3, Brak Co. borrowed on a $1,350,000 note payable from the Federal Bank. The note...
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