Question: On September 1, 1988, Cobb Co. issued a note payable to National Bank in the amount of $900,000. bearing interest at 12%, and payable

On September 1, 1988, Cobb Co. issued a note payable to National

On September 1, 1988, Cobb Co. issued a note payable to National Bank in the amount of $900,000. bearing interest at 12%, and payable in three equal annual principal payments of $300,000. the bank's prime rate was 11%. 1989. At December 31, 1989, Cobb should record accrued interest payable of a. $36,000 b. $33,000 c. $24,000 d. $22,000 On this date, The first payment for interest and principal was made on September 1,

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