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On December 1, 2017, Summit, Inc. sold machinery to a customer for $22,000. The customer could not pay at the time of sale but agreed
On December 1, 2017, Summit, Inc. sold machinery to a customer for $22,000. The customer could not pay at the time of sale but agreed to pay 10 months later and signed a 10-month note at 10% interest. How much interest revenue was earned during 2018? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
a | $1,650 |
b | $1,100 |
c | $2,017 |
d | $2,200 |
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