Question
On March 1, 2020, Monicas Closet performed organization services for a client in exchange for a $6000 note receivable (3% interest rate, interest and principal
On March 1, 2020, Monica’s Closet performed organization services for a client in exchange for a $6000 note receivable (3% interest rate, interest and principal due December 31, 2020). On May 1, 2020, Phoebe’s Bank agreed to discount the note at a 2% discount rate. What is the interest revenue or interest expense Monica's Closet records upon transferring the note? If interest expense, give as a negative number. Do not use $ or commas in your answer.
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
3rd edition
1119372933, 978-1119372936
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