Assume Port City Credit Union completed these transactions: Show what the company would report for these transactions

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Assume Port City Credit Union completed these transactions:

Show what the company would report for these transactions on its 2010 and 2011 balance sheets and incomestatements.

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Financial accounting

ISBN: 978-0136108863

8th Edition

Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas

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Question Posted: Dec 10, 2012 04:16 AM

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Assume Port City Credit Union completed these transactions: Show what the company would report for these transactions

Question:

2010 Apr 1 Dec 31 Loaned $125,000 to Lee Franz on a one-year, 12% note. Accrued interest revenue on the Franz note. 2011 Apr Collected the maturity value of the note from Franz principal plus interest).

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2010 2011 BALANCE SHEET Current as...View the full answer

Financial accounting

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