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On June 1 , Year 2 , Carolina Company collected a $ 2 4 , 0 0 0 note receivable that had been issued on

On June

1,

Year

2,

Carolina Company collected a $

24, 000

note receivable that had been issued on June

1,

Year

1 .

The note carried a

6 %

interest rate. The interest revenue recognized on the maturity date is $

1, 440 .

Group startsTrue or False

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