Question
Wudchuk Corp. purchased inventory in exchange for a $ 15,000 three-month short-term non-interest-bearing note. The note is to be discounted at 8 percent. What is
Wudchuk Corp. purchased inventory in exchange for a $ 15,000 three-month short-term non-interest-bearing note. The note is to be discounted at 8 percent. What is the amount recorded for Inventory in Wudchuk's books?
A. $ 15,000
B. $ 13,800
C. $ 14,700
D. $ 15,300
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
