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Morrison Corporation borrowed $45,000 from Commercial Bank on June 1 of the current year. The...

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Accounting

Morrison Corporation borrowed $45,000 from Commercial Bank on June 1 of the current year. The bank required 9% interest. Interest will be paid every three months until the 9-month note is paid. What is the total Interest Expense and the Interest Payable at December 31 of the current year?

A.Interest Expense $2,362.50; Interest Payable $337.50

B.Interest Expense $2,362.50; Interest Payable $2362.50

C.Interest Expense $337.50; Interest Payable $337.50

D.Interest Expense $3,037.50; Interest Payable $2362.50

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