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Business, 19.03.2020 16:46 marcoantonioperezpan

On September 1, Year 1, Brok Co. issued a note payable to Federal 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 interest and principal payment was made on September 1, Year 2. At December 31, Year 2, Brok should record accrued interest payable of:

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On September 1, Year 1, Brok Co. issued a note payable to Federal Bank in the amount of $900,000, be...
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