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What the lowe should record accrued interest payable

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Question - On September 1, 2010, Loo Co. issued a note payable to National Bank in the amount of P600,000, bearing interest at 12%, and payable in three equal annual principal payments of P200,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on September 1, 2011. At December 31, 2011, what the Lowe should record accrued interest payable?

Reference no: EM132943674

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