Question
Ireland Corporation obtained a $48,000 note receivable from a customer on June 30, 2021. The note, along with interest at 5%, is due on June
Ireland Corporation obtained a $48,000 note receivable from a customer on June 30, 2021. The note, along with interest at 5%, is due on June 30, 2022. On September 30, 2021, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 9%. What amount of cash did Ireland receive from Cloverdale Bank?
Multiple Choice $48,600. $46,998. $44,598. $43,680.
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The correct answer is B 46998 Explanation On June 30 2021 Ireland Corporati...
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
10th edition
1260481956, 1260310175, 978-1260481952
