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QUESTION
Hello, im confused on how to go about this question. On Sept 1, 2012, King Co.
Hello,
im confused on how to go about this question.
1. On Sept 1, 2012, King Co. issued a note payable to National Bank in the amount of $900,000, bearing interest at 12%, and payable in three equal annual principal payments of $300,000 (interest is paid annually as well). On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on Sept 1, 2013. At Dec 31, 2013, King should record accrued interest payable of
