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Business, 23.08.2021 22:20 rosepotato789

On September 1, Year 1, Cobb Co. issued a note payable to the National Bank in the amount of $900,000, bearing interest at 12%, and payable in three equal annual principal payments of $300,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on September 1, Year 2. At December 31, Year 2, Cobb should record accrued interest payable of A. $33,000.
B. $24,000.
C. $36,000.
D. $22,000.

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On September 1, Year 1, Cobb Co. issued a note payable to the National Bank in the amount of $900,00...
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