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On November 1, Year 1, Salem Corporation sold land priced at $940,000 in exchange for a 6%, six-month note receivable. Salem's balance sheet at December

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On November 1, Year 1, Salem Corporation sold land priced at $940,000 in exchange for a 6%, six-month note receivable. Salem's balance sheet at December 31, Year 1, includes which of the following as a result of the sale of land on November 1? Multiple Choice Notes Receivable of $940,000 and Interest Receivable of $28,200. Notes Receivable of $940,000 only. Notes Receivable of $968,200 and Interest Receivable of $9,400. Notes Receivable of $940,000 and Interest Receivable of $9,400

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