Comet Corporation's liability account balances at June 30, 2013 . included a 1 . percent note payable. The note is dated October 1 . 2011, and carried an original principal amount of $600,000 . The note is payable in three equal annual payments of $200,000 plus interest. The first interest and principal payment was made on October 1 . 2012 . In Comet's June 30, 2013 . balance sheet, what amount
should be reported as Interest Payable for this note?
a. $10,000
b. $15,000
c. $30,000
d. $45,000
C
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