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During the year ended December 31, 2020. ABC Company paid P46,000 for interest, but Andrews' 2020 income statement properly reported interest expense of P50,000.  There was no prepaid interest either at the beginning or at the end of 2020.  Accrued interest at December 31, 2020 amounted to P5,000.  How much was the accrued interest at December 31, 2019? P1,000 P 0 P4,000 P5,000

During the year ended December 31, 2020. ABC Company paid P46,000 for interest, but Andrews' 2020 income statement properly reported interest expense of P50,000.  There was no prepaid interest either at the beginning or at the end of 2020.  Accrued interest at December 31, 2020 amounted to P5,000.  How much was the accrued interest at December 31, 2019? P1,000 P 0 P4,000 P5,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During the year ended December 31, 2020. ABC Company paid P46,000 for interest, but Andrews' 2020 income statement properly reported interest expense of P50,000.  There was no prepaid interest either at the beginning or at the end of 2020.  Accrued interest at December 31, 2020 amounted to P5,000.  How much was the accrued interest at December 31, 2019?


P1,000
P 0
P4,000
P5,000
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