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On January 1, 2013, Brad Company sold goods to Tad Corporation. Tad Corporation signed a 5-year note with a face amount of $60,000 and a
On January 1, 2013, Brad Company sold goods to Tad Corporation. Tad
Corporation signed a 5-year note with a face amount of $60,000 and a stated interest
rate of 8%. The note pays interest annually beginning December 31, 2013. Assuming
the market interest rate is 10%, how much would Brad Company record as sales
revenue? (Round all calculations to the nearest dollar):
a. $37,255.
b. $47,263.
c. $57,270.
d. $55,451.
e. $60,000.
f. $64,800.
g. $84,000.
h. None of the above
Please show work if possible. Thank you!
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