On April 1, 2019, Char Company borrowed P5,000,000 and signed a 2-year note bearing interest at 12% per annum compounded annually starting March 31, 2020. Interest is payable in full at maturity on March 31, 2021. What amount should Char Company report as a liability for accrued interest at December 31, 2020? a. P1,104,000 b. P1,050,000 c. P1,200,000 d. P1,100,000

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A: Formula: Interest amount = Notes payable amount x Time period x Interest rate.

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A:

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A: Formula: Interest expense = Notes amount x Interest rate x Time period

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Q: [The following information applies to the questions displayed below.] On January 1, 2021, Eagle…

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