Craig borrowed $700,000 on october 1, 2017 and is required to pay $720,000 on march 1, 2018. what amount is the note payable recorded at on october 1, 2017 and how much interest is recognized from october 1 to december 31, 2017? a) $700,000 and s0. b) $700,000 and $12,000. c) $720,000 and so. d) $700,000 and $20,000.

B) $700,000 and $ 12,000

Explanation:

The note payable is recorded on the borrowing date of October 01 2017 at its face value $ 700,000. The amount due on the maturity of the note on March 01 2018 is 720,000, thus the interest on the note is $ 20,000 for the 5 month period of the borrowing. (October 1 to March 1).

The recognition of the interest for the 3 month period October to December is calculated as under:

Total interest for 5 months $ 20,000

Interest for 3 months          $20,000/5*3 = $ 12,000

So the answer is $ 700,000 and $ 12,000

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