What amount should be reported as accrued interest

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Reference no: EM132806662

Problem 1: On March 1, 2019, Fine company borrowed P1,500,000 and signed a 2-year note bearing interest at 12% per annum compounded annually. Interest is payable in full at maturity on February 28, 2021. What amount should be reported as accrued interest payable on December 31, 2020?

a. 180,000
b. 348,000
c. 360,000
d. 150,000

Reference no: EM132806662

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