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What amount of interest payable should the store report

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Problem 1: On September 1, 2019, a pet store borrows $22,002 from the bank. The loan has an annual interest rate of 12% and is due on August 31, 2020. The store records interest expense on the last day of each month but pays interest only every 6 months (so, once on February 28, 2020, and once when the loan is due on August 31, 2020). The store has a December 31 year end. What amount of Interest Payable should the store report on its December 31, 2019 balance sheet?

Reference no: EM132971287

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