Question
X co a calendar-year firm receives a 6%, $400,000 note from B Co. on October 1, 2010. The note requires four equal annual principal payments
X co a calendar-year firm receives a 6%, $400,000 note from B Co. on October 1, 2010. The note requires four equal annual principal payments PLUS interest on the outstanding note balance to be paid each Sept. 30. How much interest revenue should X report in its income statement for the year 2011?
a.$24,000
b.$22,500
c.$18,000
d.$19,500
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Audit Risk In The Operation Of EDF Financed Projects
Authors: Koffi Rufin Kouame
1st Edition
6205912651, 978-6205912652
