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Neil Construction Co. receives a note receivable from Sonny Plastics Inc. as settlement of an overdue account receivable. The note is for three months and

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Neil Construction Co. receives a note receivable from Sonny Plastics Inc. as settlement of an overdue account receivable. The note is for three months and bears an annual interest rate of 8%. The original accounts receiva balance was $ 800. When the note is collected, Neil Construction Co. will recognize interest revenue of $ 64 $ 816 $16 $ 864

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