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On July 1, 2016, Empire Inc. lends $16,200 to a customer and receives a 12% note due in two years. Interest is due in full
| On July 1, 2016, Empire Inc. lends $16,200 to a customer and receives a 12% note due in two years. Interest is due in full on July 1, 2018, the due date of the note. What is the amount of Interest Revenue that will be reported on Empires income statement for the year ended December 31, 2016? |
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Core Concepts Of Accounting Information Systems
Authors: Mark G. Simkin, Carolyn A. Strand Norman, Scott Paquette
1st Canadian Edition
