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On July 1st year, ABC Company signed a $300,000.00 note payable. The terms of the note state that ABC Company will pay 10% interest on the entire outstanding balance an $100,000.00 of the principal balance on June 30th of each year, with the first interest and principal payment due on June 30, year 2. What is the balance of the accrued interest payable account on December 31st of year2?

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