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On January 1, 2021, Crane Company sold goods to Pronghorn Company for $401500 in exchange for a 4-year, zero-interest-bearing note with a face amount of
On January 1, 2021, Crane Company sold goods to Pronghorn Company for $401500 in exchange for a 4-year, zero-interest-bearing note with a face amount of $631766 (imputed rate of 12%). The goods have an inventory cost on Crane's books of $240000. What amount of Interest Revenue should Crane recognize in 2021? $48180 $230266 $57567 $75812
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Essentials of Accounting for Governmental and Not-for-Profit Organizations
Authors: Paul A. Copley
10th Edition
007352705X, 978-0073527055
