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    BusyBee1012's Avatar
    BusyBee1012 Posts: 1, Reputation: 1
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    #1

    Feb 20, 2010, 12:25 PM
    Accounting
    On September 1, 2010, Lowe Co. issued a note payable to National Bank in the amount of $600,000, bearing interest at 12%, and payable in three equal annual principal payments of $200,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on September 1, 2011. At December 31, 2011, Lowe should record accrued interest payable of
    a. $24,000.
    b. $22,000.
    c. $16,000.
    d. $14,667.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Feb 22, 2010, 11:26 PM

    Please see the guidelines for posting homework:
    https://www.askmehelpdesk.com/financ...-b-u-font.html
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