The interest on the note for the Ricoh Color Copier will be paid every six months. Record the December accrued interest on the note payable for the Ricoh purchased on December 1.

December 3: Byte purchased a Ricoh Color Copier for $4,700.00. The invoice number was 61298. Byte paid 10% in cash and signed a three-year note for the remaining balance. Interest at a rate of 6% a year will be paid semiannually.