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7 On September 1, 2020, Sunland Company issued a note payable to Fidelity Bank in the amount of $2691000, bearing interest at 9%, and payable
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On September 1, 2020, Sunland Company issued a note payable to Fidelity Bank in the amount of $2691000, bearing interest at 9%, and payable in three equal annual principal payments of $897000. On this date, the bank's prime rate was 10%. The first payment for interest and principal was made on September 1, 2021. At December 31, 2021, Sunland should record accrued interest payable of $89700 $80730 O $179400 $53820 Step by Step Solution
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