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What amount should be reported as accrued interest payable

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Reference no: EM132880996

On September 1,2016. Marco Company issued a note payable to National Bank in the amount of P1,800,000, bearing interest at 12%, and payable in three equal annual principal payments of P600,000. On this date, the bank's prime rate was 11%. The first interest and principal payment was made on September 1, 2017.

Problem 1: On December 31, 2017, what amount should be reported as accrued interest payable?

a. 44,000
b. 48,000
c. 66.000
d. 72,000

Reference no: EM132880996

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