Question
On March 1, Ivan Company issued a $504,000, noninterest bearing (discounted), 90-day note to Idaho bank for short-term borrowing. The prevailing market rate of interest
On March 1, Ivan Company issued a $504,000, noninterest bearing (discounted), 90-day note to Idaho bank for short-term borrowing. The prevailing market rate of interest was 12%. Assume each month has 30 days and each year has 360 days.
How much cash did Ivan receive from Idaho Bank on March 1?
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The Successful Audit New Ways To Reduce Risk Exposure And Increase Efficiency
Authors: Felix Pomeranz
1st Edition
1556233914, 978-1556233913
