Question
Ireland Corporation obtained a $56,000 note receivable from a customer on June 30, 2021. The note, along with interest at 5%, is due on June
Ireland Corporation obtained a $56,000 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
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$52,031.
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$50,960.
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$54,831.
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$56,700.
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College Accounting A Practical Approach Chapters 1-15
Authors: Jeffrey Slater
7th Edition
0130954888, 978-0130954886
