Business, 22.01.2020 05:31 sheazy3709

Heinlein assoc. accepted a two-year interest-bearing note for $1,000,000 on january 1, 2020. the note was accepted as payment for merchandise with a fair value of $1,000,000. the effective interest rate is 7%. interest is paid at the end of each year. the cash collection on december 31, 2021, would be recorded as:

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Heinlein assoc. accepted a two-year interest-bearing note for $1,000,000 on january 1, 2020. the not...