Comet Corporation's Liability Account Balances at June 30,2013,included a 10

question 45

Multiple Choice

Comet Corporation's liability account balances at June 30,2013,included a 10 percent note payable.The note is dated October 1,2011,and carried an original principal amount of $600,000.The note is payable in three equal annual payments of $200,000 plus interest.The first interest and principal payment was made on October 1,2012.In Comet's June 30,2013,balance sheet,what amount should be reported as Interest Payable for this note?

• A) $10,000
• B) $15,000
• C) $30,000
• D) $45,000