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Q: On January 1, a company borrows $12,000. The annual interest rate is 3 percent. Loan repayment, including all interest, due in 6 months. The

Q: On January 1, a company borrows $12,000. The annual interest rate is 3 percent. Loan repayment, including all interest, due in 6 months. The company prepares quarterly financial statements on March 31. What amount of interest payable liability will the company report on that date as a result of this borrowing? A. 120 B. 100 C. 90 D. 80

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