Question on september 1 20x1 getz inc issued a note payable, Ask an Expert

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Question: On September 1, 20x1, Getz Inc. issued a note payable to City Bank in the amount of $244475, bearing interest at 14% per annum, and payable in 3 equal annual principal payments of $81492, plus interest. the first payment for interest and principal was made on September 1, 20x2. What amount of accrued interest payable should Getz record at December 31, 20x2? Select one:

11409

8557

7606

5704

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Accounting Basics, Accounting

Category:- Accounting Basics
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