On March 1, 2024, Everson Services issued a 2% long - term notes payable for $16,000. It is payable over a 4 -year term in $4,000 annual principal payments on March 1 of each year plus interest, beginning March 1,2025. Each yearly installment will include both principal repayment of $4,000 and interest payment for the preceding one-year period. On March 1, 2025, _ . The accounting period ends on December 31. A. Everson must accrue the next note payment of $4,000 as the current portion of principal payment B. Everson must accrue $4,000 of Interest Expense C. Everson must pay $320 of interest to the note holder D. Everson will receive $4,000 as an installment payment
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