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What amount wells should record accrued interest payable

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Problem 1: On September 1, 20X5, Wells Co. borrowed $500,000 from Second Bank Inc. Interest is payable annually at 6%. Second Bank's prime rate is 5%. Wells only prepares adjusting entries at its December 31 year-end. On December 31, 20X5, Wells should record accrued interest payable of what amount?

Reference no: EM132696802

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