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How much henrietta should record accrued interest payable

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Question - On September 1, 2012, Henrietta Co. issued a note payable to National Bank in the amount of $3,600,000, bearing interest at 12%, and payable in three equal annual principal payments of $1,200,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on September 1, 2013. At December 31, 2013, how much the Henrietta should record accrued interest payable?

a. $144,000.

b. $132,000.

c. $96,000.

d. $72,000.

Reference no: EM132600380

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