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On November 1, 2023, Trafton Company sold merchandise and accepted a 9. month, 12%$30,000 note from Asteroid Company. Which of the following statements is true

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On November 1, 2023, Trafton Company sold merchandise and accepted a 9. month, 12%$30,000 note from Asteroid Company. Which of the following statements is true regarding the December 31,2023 financial statement presentation of the note and related accounts? a. Interest Revenue will be included in the computation of gross profit on the company's multi-step income statement. b. Interest Receivable will be reported as a current liability and Notes Receivable will be reported as a long-term liability. c. Interest Receivable and Notes Receivable will both be reported as current assets. d. Interest Receivable will be deducted from Notes Receivable to report the note at net realizable value Clear my choice

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