On September 1, 2020, Sheffield Corp. issued a note payable to National Bank in the amount of $1460000, bearing interest at 8%, and payable in three equal annual principal payments of $560000. On this date, the bank's prime rate was 7%. The first payment for interest and principal was made on September 1, 2021. At December 31, 2021, Sheffield should record accrued interest payable of

Fractional reserve banking which of the following statements about fractional reserve banking are correct? check all that apply. fractional reserve banking allows banks to create money through the lending process. fractional reserve banking does not allow banks to hold excess reserves. fractional reserve banking allows banks to create additional wealth by lending some reserves. fractional reserve banking relies on everyone not withdrawing their money at the same time.