On september 1 2010 herman co issued a note payable to, Ask an Expert

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On September 1, 2010, Herman Co. issued a note payable to National Bank in the amount of $1,200,000, bearing interest at 12% and payable in three equal annual principal payments of $400,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on September 1, 2011. At December 31, 2011, Herman should record accrued interest payable of

$48,000.

$44,000.

$32,000.

$29,334.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91357819

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