Sheffield Construction Co. receives a note receivable from Sunland Plastics Inc. as settlement of an overdue account receivable. The note is for three months and bears an annual interest rate of 8%. The original accounts receivable balance was $2900. At the end of the three-month period, Sheffield Construction Co. will pay Sunland Plastics Inc.

Sheffield Construction Co. receives a note receivable from Sunland Plastics Inc. as settlement of an overdue account receivable. The note is for three months and bears an annual interest rate of 8%. The original accounts receivable balance was $2900. At the end of the three-month period, Sheffield Construction Co. will pay Sunland Plastics Inc. O $232. O $3132 O $58. O $2958