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What amount should mason report for interest payable

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On November 1, 2024, Mason Corp. sold $700,000 of its 10% term bonds dated October 1, 2024. The bonds were sold to yield 8%, with total proceeds of $800,000 plus accrued interest. Interest is paid every April 1 and October 1.

Problem 1: What amount should Mason report for interest payable in its December 31, 2024 balance sheet?

Select one:

a. $17,500
b. $16,000
c. $11,667
d. $10,667
e. $20,000

Reference no: EM132778293

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