(Solved): On September 1, 2016, Pizza Corp. issued a note payable to Federal Bank in the amount o

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
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