Question
On January 1, 2020, Jerome Co. received a 10%, four-year note from a customer. The interest on the note is paid every June 30 and
On January 1, 2020, Jerome Co. received a 10%, four-year note from a customer. The interest on the note is paid every June 30 and December 31. The note has a face value of 3,500,000. The effective rate applicable on the note is 12%.What is the initial recognition of the notes?
A. 3,282,657.22
B. 3,287,385.55
C. 3,726,212.45
D. 3,721,890.58
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Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel
3rd Edition
9780470377857
