Question
On June 1, 2020, East Financial loaned Blurr corporation $500,000, receiving in exchange a one-year, 12 percent per year note receivable. East ends its fiscal
On June 1, 2020, East Financial loaned Blurr corporation $500,000, receiving in exchange a one-year, 12 percent per year note receivable. East ends its fiscal year on December 31 and makes adjusting entries to accrue interest earned on all notes receivable. The interest earned on the note receivable from Blurr Corporation during 2020 will amount to:
a $35,000
b $30,000
c $60,000
d $20,000
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Fraud examination
Authors: Steve Albrecht, Chad Albrecht, Conan Albrecht, Mark zimbelma
4th edition
538470844, 978-0538470841
