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Interest will be paid when the 12-month note becomes due

Jacobsen, Inc. borrowed $500,000 from F&M Bank on June 15 of the current year. The bank required 6% interest. Interest will be paid when the 12-month note becomes due. What amount should be accrued as Interest Payable for the December 31 end of the current year?

$16,250
$13,750
$30,000
$15,000

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Accounting Basics: Interest will be paid when the 12-month note becomes due

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