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On November 1, 2014, Salem Corporation sold land priced at $920,000 in exchange for a 6%, six-month note receivable. On May 1, 2015 (maturity date),
On November 1, 2014, Salem Corporation sold land priced at $920,000 in exchange for a 6%, six-month note receivable. On May 1, 2015 (maturity date), the note is collected in full by Salem Corporation. Assuming a fiscal year-end of December 31, Salem recognizes which of the following in its income statement for 2015 with regard to this note?
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