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On January 1,2025 , Vaughn Co. sold equipment in exchange for an $930000 zero-interest-bearing note due on January 1,2028. The prevailing rate of interest for
On January 1,2025 , Vaughn Co. sold equipment in exchange for an $930000 zero-interest-bearing note due on January 1,2028. The prevailing rate of interest for a note of this type at January 1, 2025 was 10%. The present value of $1 at 10% for three periods is 0.75131 What amount of interest revenue should be reported in Vaughn's 2026 income statement? $93000$69872$0$76859 Step by Step Solution
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Accounting
Authors: Carl S. Warren, Philip E. Fess, James M. Reeve, C.Rollin Niswonger, Jim Reeve
18th Edition
0538839333, 978-0538839334
