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On September 1, 2016, Pizza Corp. issued a note payable to Federal Bank in the amount of $450,000. The note had an interest rate of 12 percent and called for three equal annual principal payments of $150,000. The first payment for interest and principal was made on September 1, 2017. At December 31, 2017, Pizza should record accrued interest payable of
Expert Answer
| Accrued interest payable At December 31, 2017 = (450000-150000)*12%/12*4= | 12000 | ||||||
