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On November 1 , Jasper Company loaned another company $ 2 6 0 , 0 0 0 at a 9 % interest rate. The note

On November 1, Jasper Company loaned another company $260,000 at a 9% interest rate. The note receivable plus interest will not be collected until March 1 of the following year. The company's annual accounting period ends on December 31. The amount of interest revenue that should be reported in the first year is:

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