Question
On January 1, Year 12, Ball Co. lent cash of $116,851 in exchange for a $120,000 note bearing interest at a rate of 6%.The market
On January 1, Year 12, Ball Co. lent cash of $116,851 in exchange for a $120,000 note bearing interest at a rate of 6%.The market rate in effect on the date the note was accepted was 7%.What amount of interest revenue should be included in Ball's Year 12 income statement?
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Fundamental Managerial Accounting Concepts
Authors: Edmonds, Tsay, olds
6th Edition
71220720, 78110890, 9780071220729, 978-0078110894
