Included in Oriole Company's balance sheet at June 30, 2021, is a 10%, $4,100,000 note payable. The note is dated October 1, 2019, and is payable in three equal annual payments of $2,050,000 plus interest. The first interest and principal payment was made on October 1, 2020.
In Oriole's June 30, 2021 balance sheet, what amount should be reported as accrued interest payable for this note?
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Ответ:
accrued interest for the note: 307,500
Explanation:
installment of 2,050,000
outstanding principal 4,100,000
Accrued interest from October to June 30th: 9 months
To get the interest we use the folowing formula:
principal x rate x time = interest
Being time and rate express in the same metric that is, the rate is annual therefore, time is expressed as the portion of a year.
4,100,000 x 0.10 x 9/12 = 307,500
Ответ:
A) Region D
Explanation: