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 And Order
Authors: Mahmoud Ezzamel
1st Edition
0415482615, 978-0415482615
