Question
On july 1,2014, duke corporation sold equipment to silver company for 100,000. Duke accepted a 10% note receivable for the entire sales price. This note
On july 1,2014, duke corporation sold equipment to silver company for 100,000. Duke accepted a 10% note receivable for the entire sales price. This note is payable in two installments of 50,000 plus accrued interest on December 31,2014 and December 31,2015. On July 1,2015, duke discounted the note at a bank at an interest rate of 12%. Duke's proceeds from the discounted note were:
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
