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Question - On September 1, 2015, Able Company purchased a building from Regal Corporation by paying $600,000 cash and issuing a one-year note payable for the balance of the purchase price. Interest on the note is stated at an annual rate of 12% and is paid at maturity. In its December 31, 2015, balance sheet, Able correctly presented the note and interest payable as follows:
Interest payable $22,200
Notes payable, 12%, due September 1, 2016 $555,000
What is the amount of the interest expense Able will recognize on this note in 2016?
A. $66,600.
B. $22,200.
C. $44,400.
D. $38,850.
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