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PINK Company reported a 10% note payable of ₱3,600,000 on June 30, 2021. The note is dated October 1, 2019 and payable in three equal annual payments of ₱1,200,000 plus interest. The first interest and principal payment was made on October 1, 2020. On June 30, 2021, what amount should be reported as accrued interest payable for this note?        ₱ 180,000       ₱ 270,000       ₱ 90,000       ₱ 60,000

PINK Company reported a 10% note payable of ₱3,600,000 on June 30, 2021. The note is dated October 1, 2019 and payable in three equal annual payments of ₱1,200,000 plus interest. The first interest and principal payment was made on October 1, 2020. On June 30, 2021, what amount should be reported as accrued interest payable for this note?        ₱ 180,000       ₱ 270,000       ₱ 90,000       ₱ 60,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 10MC: On January 1, 2019, Park Company accepted a 36,000, non-interest-bearing, 3-year note from a major...
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 PINK Company reported a 10% note payable of ₱3,600,000 on June 30, 2021. The note is dated October 1, 2019 and payable in three equal annual payments of ₱1,200,000 plus interest. The first interest and principal payment was made on October 1, 2020. On June 30, 2021, what amount should be reported as accrued interest payable for this note? 
 
 
 
₱ 180,000
 
 
 
₱ 270,000
 
 
 
₱ 90,000
 
 
 
₱ 60,000
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