Accruing interest on a bank loan at year end

Transaction

A company has a bank loan of $60,000.00 at 6% interest per year. Interest is paid every six months; the last payment was made 4 months before December 31. Record the interest accrued at December 31.

Assumptions: The principal has not changed since the last interest payment. Interest is computed in whole months: principal × rate × months / 12.