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What culver should record accrued interest payable of

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Problem 1: On September 1, 2019, Culver Corp. issued a 9% note payable to National Bank for $ 750,000, payable in three equal annual principal payments of $ 250,000, plus interest. On this date, the bank's prime rate was 8%. The first payment for interest and principal was made on September 1, 2020. At December 31, 2020, Culver should record accrued interest payable of

Option 1: $13,333

Option 2: $15,000

Option 3: $10,000

Option 4: $22,500

Reference no: EM132727957

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