What amount should Dixon report for interest payable in its December 31, Year 1 balance sheet?

FratBro23
Category:
Accounting
Price: $5 USD

Question description

TCO D) On November 1, Year 1, Dixon Corporation issued $800,000 of its 10-year, 8% term bonds dated October 1, Year 1. The bonds were sold to yield 10%, with total proceeds of $700,000 plus accrued interest. Interest is paid every April 1 and October 1.  What amount should Dixon report for interest payable in its December 31, Year 1 balance sheet? (Points : 5)

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