Question: On March? 1, 2016, Emerson Services issued a? 9% long-term notes payable for? $20,000. It is payable over a? 5-year term in? $4,000 annual principal

On March? 1, 2016, Emerson Services issued a? 9% long-term notes payable for? $20,000. It is payable over a? 5-year term in? $4,000 annual principal payments on March 1 of each year plus? interest, beginning March? 1, 2017. Each yearly installment will include both principal repayment of? $4,000 and interest payment for the preceding? one-year period. On March? 1, 2017,? ________. The accounting period ends on December 31. A. Emerson must accrue the coming? $4,000 as the current portion of principal payment B. Emerson must accrue? $4,000 of Interest Expense C. Emerson must pay? $1,800 of interest to the note holder D. Emerson will receive? $4,000 as an installment payment

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