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Coronado Construction Co. receives a note receivable from Nash's Trading Plastics Inc. as settlement of an overdue account receivable. The note is for three months

Coronado Construction Co. receives a note receivable from Nash's Trading Plastics Inc. as settlement of an overdue account receivable. The note is for three months and bears an annual interest rate of 5%. The original accounts receivable balance was $1200. At the end of the three-month period, Coronado Construction Co. will pay Nash's Trading Plastics Inc. $1215. $60. $1260. $15

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