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Testbank Multiple Choice Question 116 Sunland Company sold $117000 of goods and accepted the customer's $117000 12%, 1-year note in exchange. Assuming 12% approximates the

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Testbank Multiple Choice Question 116 Sunland Company sold $117000 of goods and accepted the customer's $117000 12%, 1-year note in exchange. Assuming 12% approximates the market rate of return, how much interest would be recorded for the year ending December 31 if the sale was made on June 307 $0. $14040. $3510 $7020

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