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On October 1, 2019, Omicron Company borrowed $32,000 cash and signed a 9-month, 10% interest-bearing...

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Accounting

On October 1, 2019, Omicron Company borrowed $32,000 cash and signed a 9-month, 10% interest-bearing note payable with interest payable at maturity. What amount of accrued interest payable should Omicron report on its December 31, 2019 balance sheet?

Multiple Choice

  • $800.

  • $1,200.

  • $400.

  • $1,600.

  • Zero. No accrued interest payable should be reported on December 31, 2019.

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