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Teller purchased merchandise from the Churchill Company on October 31, 2019. Churchill accepted Teller's $4,800, 90-day, 10% note as payment. Churchill has made necessary adjusting
Teller purchased merchandise from the Churchill Company on October 31, 2019. Churchill accepted Teller's $4,800, 90-day, 10% note as payment. Churchill has made necessary adjusting entries on December 31. How much should Churchill recognize as interest revenue on January 31, 2020 when the note is paid? (Assume a 360-day year).
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