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Mystic Magic issued a $149,736 note on January 1, 2018 to a customer, Amy Arnold, in exchange for merchandise. Terms of the note are 9-month
Mystic Magic issued a $149,736 note on January 1, 2018 to a customer, Amy Arnold, in exchange for merchandise. Terms of the note are 9-month maturity date on October 1, 2018 at a 8% annual interest rate. Amy Arnold does not pay on her account and dishonors the note. On November 10, 2018, Mystic Magic decides to sell the dishonored note to a collection agency for 16% of its value. How much interest revenue does Mystic Magic recognize on October 1, 2018? Round to the nearest penny, two decimal places.
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