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Business, 12.11.2020 19:10 loganlatimer2001

On January 1, 2010, North Co. sold equipment and accepted in exchange a $600,000 zero-interest-bearing note due on January 1, 2013. The effective rate of interest for a note of this type at 1/1/10 was 10%. Assume the present value of $1 at 10% for three periods is 0.75. What amount of interest revenue should be included in North's 2011 income statement?

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On January 1, 2010, North Co. sold equipment and accepted in exchange a $600,000 zero-interest-beari...

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