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A firm has debt outstanding of $1,000,000. The annual interest rate on the debt is 9% and the interest payments are due on March 31

A firm has debt outstanding of $1,000,000. The annual interest rate on the debt is 9% and the interest payments are due on March 31 and September 30 every year. On the balance sheet prepared on December 31, what is the amount of accrued interest the firm should record?

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