Question
On July 1, 20X3, Clear Water Corporation received a $45,000, three-year, 6% note receivable from a customer for services performed. Interest is payable annually, with
On July 1, 20X3, Clear Water Corporation received a $45,000, three-year, 6% note receivable from a customer for services performed. Interest is payable annually, with the first payment due on June 30, 20X4. The market rate for similar notes is 8%. Clear Water has a December 31 fiscal year end. How much interest revenue should Clear Water recognize in the December 31, 20X3, fiscal year?
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Cost Management
Authors: Don R Hansen, Maryanne M Mowen, Dan L Heitger
5th Edition
357141091, 978-0357141090
