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Jordan Co. lends Green Co. $50,000 on June 1, 2020, accepting a five-month, 12% interest-bearing note. Assuming the date Jordan's statement of financial position is
Jordan Co. lends Green Co. $50,000 on June 1, 2020, accepting a five-month, 12% interest-bearing note. Assuming the date Jordan's statement of financial position is September 30, 2020, what amounts will Jordan record related to this note? 1 Jordan Co will record interest revenue of $2,000. 2 Jordan Co will record interest revenue of $2,500. 3 Jordan Co will record interest revenue of $6,000. 4 Jordan Co will not record anything related to the note since it matures on November 1, 2020
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