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On July 1, 2018, ABC Inc. rendered services in exchange for a six year promissory note having a face value of $100,000. Interest at a
- On July 1, 2018, ABC Inc. rendered services in exchange for a six year promissory note having a face value of $100,000. Interest at a rate of 3% is payable annually (first payment July 1, 2019). The customer has credit ratings that require it to borrow money at 10% interest. ABC uses IFRS.
- What would be the value of the service revenue recorded on July 1, 2018
- What is the value of the interest revenue recorded by ABC in 2019 (Jan 1- Dec 31)?
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Fundamentals Of Accounting And Financial Analysis
Authors: Anil Chowdhury
1st Edition
9788131702024, 9788131776070
