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Direct Method: Using the following data for smith and sons, calculate the cash recieved as interest Interest income..........26000 Interest recievable, January 1........3000 Interest recievable ,

Direct Method: Using the following data for smith and sons, calculate the cash recieved as interest

Interest income..........26000

Interest recievable, January 1........3000

Interest recievable , December 31......3700

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