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Knowledge Check 01 On July 1, Year 1, the Barley Company loaned $50,000 to the Jackson Co. The note has a stated interest rate of

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Knowledge Check 01 On July 1, Year 1, the Barley Company loaned $50,000 to the Jackson Co. The note has a stated interest rate of 10% and will mature on June 30, Year 2. All payments for principal and interest will be received at maturity. How much interest revenue will Barley report on its income statement for the year ended December 31, Year 1? Interest

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