Question
19. On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a $240,000 note
19. On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a $240,000 note (which includes accrued interest @ 5%), due on December 31, 2016. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
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Financial Accounting International Edition
Authors: Jeffrey Waybright, Robert Kemp
1st Edition
0137067798, 978-0137067794
