Question
Clancy Co. accepted a two-year noninterest-bearing note for $1,166,400 on January 1, 2020. The note was accepted as payment for merchandise with a fair value
Clancy Co. accepted a two-year noninterest-bearing note for $1,166,400 on January 1, 2020. The note was accepted as payment for merchandise with a fair value of $1,000,000. The effective interest rate is 8%. The cash collection on December 31, 2021, would be recorded as:
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Auditing and Assurance services an integrated approach
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
15th edition
978-0133125634, 9780133423815, 133125637, 133423816, 978-0133125689
