Question
Okanagan Tree Services Inc. accepts a 90-day, 6%, $10,000 note receivable from a customer in settlement of an outstanding accounts receivable on December 16, 2021.
Okanagan Tree Services Inc. accepts a 90-day, 6%, $10,000 note receivable from a customer in settlement of an outstanding accounts receivable on December 16, 2021. The customer pays off the note on its maturity date. How much should Okanagan recognize as interest revenue at December 31, 2021?
Okanagan Tree Services Inc. accepts a 90-day, 6%, $10,000 note receivable from a customer in settlement of an outstanding accounts receivable on December 16, 2021. The customer pays off the note on its maturity date. How much should Okanagan recognize as interest revenue at December 31, 2021?
Multiple Choice
$50.96
$0
$147.95
$24.66
$600
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