Morrison corporation borrowed 45000 from commercial bank on, Ask an Expert

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Morrison Corporation borrowed? $45,000 from Commercial Bank on June 1 of the current year. The bank required? 9% interest. Interest will be paid every three months until the? 9-month note is paid. What is the total Interest Expense and the Interest Payable at December 31 of the current? year?

A. Interest Expense? $2,362.50; Interest Payable? $337.50

B. Interest Expense? $2,362.50; Interest Payable? $2362.50

C. Interest Expense? $337.50; Interest Payable? $337.50

D. Interest Expense? $3,037.50; Interest Payable? $2362.50

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92044048

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