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　　On March 1, Year 1, Fine Co. borrowed $10,000 and signed a two-year note bearing interest at 12% per annum compounded annually. Interest is payable in full at maturity on February 28, Year 3. What amount should Fine report as a liability for accrued interest at December 31, Year 2?
　　利息费用会计核算
　　a. $0
　　b. $1,200
　　c. $1,000
　　d. $2,320
　　Explanation
　　Choice "d" is correct.
　　12%, 2-yr note payable $ 10,000
　　Year 1 interest expense [12% x $10,000 x 10/12] 1,000
　　Year 1 net liability 11,000
　　Year 2 interest expense = [12% x $11,000] $ 1,320
　　Accrued interest payable at 12/31/Year 2 equals $2,320 [$1,000 + $1,320]
　　Choice "a" is incorrect. Accrued interest must be recognized and recorded during the term of the note.
　　Choice "c" is incorrect. Year 1 accrued interest equals $1,000 [$10,000 x 12% x 10/12].
　　Choice "b" is incorrect. This is simple interest on the original note [12% x $10,000] for one year and is not the accrued interest payable balance.