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WACKY Inc. provided repair services to another entity on January 1 , 2 0 2 0 . In exchange for such services, WACKY Inc. received
WACKY Inc. provided repair services to another entity on January In exchange for such services, WACKY Inc. received P cash and a promissory note of P bearing an interest of and which will mature on December The direct costs of providing the services amount to P On that date, the prevailing rate of interest for a similar note is
Determine:
The initial measurement of notes receivable;
The net amount to be presented in the statement of comprehensive income, assuming
a The principal is payable at maturity while nominal interest is payable annually.
b The principal is payable annually and nominal interest is payable annually.
C The principal is payable at annually while nominal interest is payable at maturity.
d The principal is payable at maturity and nominal interest is payable at maturity.
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