The first payment for interest and principal was made on, Ask an Expert

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On September 1, 2010, Lowe Co. issued a note payable to National Bank in the amount of $600,000, bearing interest at 12%, and payable in three equal annual principal payments of $200,000. 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, Lowe should record accrued interest payable of

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Accounting Basics, Accounting

Category:- Accounting Basics
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