(Answered) Question on september 1 2014 halley co issued a note

Accounting

Question: On September 1, 2014, Halley Co. issued a note payable to Fidelity Bank in the amount of $1,800,000, bearing interest at 10%, and payable in three equal annual principal payments of $600,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on September 1, 2015. At December 31, 2015, Halley should record accrued interest payable of

$60,000.

$40,000.

$132,000.

$66,000.

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