Question
Ireland Corporation obtained a $50,000 note receivable from a customer on June 30, 2013. The note, along with interest at 4%, is due on June
Ireland Corporation obtained a $50,000 note receivable from a customer on June 30, 2013. The note, along with interest at 4%, is due on June 30, 2014. On September 30, 2013, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 8%. What amount of cash did Ireland receive from Cloverdale Bank?
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Managerial Accounting
Authors: Ray H Garrison, Alan Webb, Theresa Libby
11th Canadian Edition
1259275817, 978-1259275814
