Question
Ireland Corporation obtained a $62,000 note receivable from a customer on June 30, 2016. The note, along with interest at 5%, is due on June
Ireland Corporation obtained a $62,000 note receivable from a customer on June 30, 2016. The note, along with interest at 5%, is due on June 30, 2017. On September 30, 2016, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 8%. What amount of cash did Ireland receive from Cloverdale Bank?
Multiple Choice
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$58,094
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$57,040
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$61,194
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$62,775
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
12th edition
978-1118875056
