On January 1, 2015, Oxford Company finished consultation services and accepted in exchange a

promissory note with a face value of $600,000 and a due date of December 31, 2017.The stated rate of interest is 6% with interest receivable at the end of each year through 12/31/17.Assume an effective interest rate of 8% is implicit in the agreed-upon price.The effective amortization method is used.

Oxford's journal entry on 1/1/15 will record approximately what amount of service revenue?

Select one:

a.$569,074

b.$632,076

c.$600,000

d.$588,889

e.$611,320