Question: On September 1, 2018, Lowe Co. issued a note payable to National Bank in the amount of $1,800,000, bearing interest at 9%, and payable in

On September 1, 2018, Lowe Co. issued a note payable to National Bank in the amount of $1,800,000, bearing interest at 9%, and payable in three equal annual principal payments of $600,000 plus interest. The first payment for interest and principal was made on September 1, 2019. At December 31, 2019, Lowe should record accrued interest payable of a. $27,000. b. $36,000. c. $40,500. d. $54,000. e. $108,000

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