Question: on October 1, 2020, Lowe Co. issued a note payable to National Bank in the amount of $1,500,000, bearing interest at 9%, and payable in

on October 1, 2020, Lowe Co. issued a note payable to National Bank in the amount of $1,500,000, bearing interest at 9%, and payable in three equal annual principal payments of $500,000. On this date, the banks prime rate was 8%. The first payment for interest and principal was made on October 1, 2021. At December 31, 2021, Lowe should record total interest expense?

interest expense!!

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