Question
Ireland Corporation obtained a $55,000 note receivable from a customer on June 30, 2013. The note, along with interest at 4%, is due on June
Ireland Corporation obtained a $55,000 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? a. $53,768 b. $50,600 c. $51,568 d. $55,550
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Financial Accounting Reporting And Analysis
Authors: Michael Diamond, James Stice, Earl K. Stice, James D. Stice
5th Edition
0538873019, 978-0538873017
