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

Author:
April 16th, 2017

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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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