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On November 30, 2016, Queen Bank loaned $900,000 to Gill Construction, Inc., on a one-year, 6 percent note. 1. Compute the interest for the years

On November 30, 2016, Queen Bank loaned $900,000 to Gill Construction, Inc., on a one-year, 6 percent note.

1. Compute the interest for the years ended December 31, 2016 and 2017, on the note. Round interest calculations to the nearest dollar.

2. Which party has

a. a note recievable?

b. a note payable?

c. interest revenue?

d. interest expense?

3. How much in total would GillConstruction, Inc., pay the bank if it pays off the note early on June 30, 2017?

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