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On Jan 1St, 2020, Lepochat provided services in exchange for a 2-year $50,000, 8% note receivable that pays interest semiannually on June 30th and Dec
On Jan 1St, 2020, Lepochat provided services in exchange for a 2-year $50,000, 8% note receivable that pays interest semiannually on June 30th and Dec 31st. The customer's normal borrowing rate is 10%. If Lepochat used the cash basis system of accounting, how much cash interest revenue would Lepochat report in 2020
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Cost Accounting Planning And Control
Authors: Adolph Matz, Milton F. Usry
10th Edition
0538809256, 978-0538809252
