Morrison Corporation borrowed $45,000 from Commercial Bank on June 1 of the current year. The bank required 9% interest. Interest will be paid every three months until the 9-month note is paid. What is the total Interest Expense and the Interest Payable at December 31 of the current year?
A) Interest Expense $2,362.50; Interest Payable $2362.50
B) Interest Expense $337.50; Interest Payable $337.50
C) Interest Expense $2,362.50; Interest Payable $337.50
D) Interest Expense $3,037.50; Interest Payable $2362.50
Answer: C
Business
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