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Determining Sales and Interest Revenue using Long-term Note Receivable A four-year, $10,000, noninterest-bearing note was received by Willis Company for a credit sale. Assuming
Determining Sales and Interest Revenue using Long-term Note Receivable A four-year, $10,000, noninterest-bearing note was received by Willis Company for a credit sale. Assuming a market rate of 12%, determine (1) sales revenue recognized upon issuance of the note and (2) interest revenue recognized over the term of the note. Note: Round each answer to the nearest whole dollar. 1. Sales revenue $ D 0 2. Interest revenue $
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian edition
119-49633-5, 1119496497, 1119496330, 978-1119496496
