On September 1, 2020, Live Oak Company borrows $400,000 cash by issuing a one-year note payable to Suburban Bank in the amount of $400,000, bearing interest at 8%, with interest payable at the maturity date. On December 31, 2020, Live Oak Company's annual report date, what amount should Live Oak Company report as note payable and as interest payable? Note Payable Interest Payable $400,000 $10,667 B) $400,000 $ 8,000 OC) $400,000 $32,000 OD) $432,000 $0