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Required information Exercise 5-17 (Algo) Notes receivable-interest accrual and collection LO 5-6 [The following information applies to the questions displayed below.] Agrico Incorporated accepted
Required information Exercise 5-17 (Algo) Notes receivable-interest accrual and collection LO 5-6 [The following information applies to the questions displayed below.] Agrico Incorporated accepted a 10-month, 14% (annual rate), $4,400 note from one of its customers on July 15, 2022; interest is payable with the principal at maturity. Exercise 5-17 (Algo) Part a (1) Required: a-1. Prepare the horizontal model to record the interest earned by Agrico during its year ended December 31, 2022. Note: Enter decreases to account balances with a minus sign. Do not round your intermediate calculation. Round your final answers to two decimal places. Interest receivable Assets Balance Sheet Liabilities + Stockholders' Equity Net Income Re =Interest revenue
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