On September 1, 2020, Bramble Corp. issued a note payable to Fidelity Bank in the amount of $2736000, bearing interest at 12%, and payable in three equal annual principal payments of $912000. On this date, the bank's prime rate was 13%. The first payment for interest and principal was made on September 1, 2021. At December 31, 2021, Bramble should record accrued interest payable of     $118560. $72960. $237120. $109440.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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On September 1, 2020, Bramble Corp. issued a note payable to Fidelity Bank in the amount of $2736000, bearing interest at 12%, and payable in three equal annual principal payments of $912000. On this date, the bank's prime rate was 13%. The first payment for interest and principal was made on September 1, 2021. At December 31, 2021, Bramble should record accrued interest payable of

 

 

$118560.


$72960.


$237120.


$109440.

 

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