Problem:
Martin & Associates borrowed $5,000 on April 1, 2013 at 8% interest with both principal and interest due on March 31, 2014.
Required:
Question: How much should be in the firm's interest payable account at December 31, 2013?
A. $300
B. $400
C. $0
D. $333
Note: Please provide through step by step calculations.