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Detroit Jewellers accepted a nine-month, 9% note for $100,000 from a customer on July 1. Year. The note is due on March 31, Year 2.

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Detroit Jewellers accepted a nine-month, 9% note for $100,000 from a customer on July 1. Year. The note is due on March 31, Year 2. Assuming a December 31 year-end, how much interest revenue should be recognized during Year 1 and Year 2 under accrual accounting? a. Year 1: $9,000; Year 2: $0 b. Year 1: $4,500; Year 2: $4,500 Year 1: $4,500; Year 2: $2,250 I d Year 1: $2,250; Year 2: $4,500 c

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