On September 1, 2017, Coffee Ltd.issued a $1,800,000, 12% note to Humungous Bank, payable in three equal annual principal payments of $600,000.On this date, the bank's prime rate was 11%.The first payment for interest and principal was made on September 1, 2018.At December 31, 2018, Coffee should record accrued interest payable of

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The Answer of On September 1, 2017, Coffee Ltd.issued a $1,800,000, 12% note to Humungous Bank, payable in three equal annual principal payments of $600,000.On this date, the bank's prime rate was 11%.The first payment for interest and principal was made on September 1, 2018.At December 31, 2018, Coffee should record accrued interest payable of