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20 September, 05:17

On December 1, Bright Company receives a 6% interest-bearing note from Galvalume Company to settle a $20,000 account receivable. The note is due in three months. At December 31, Bright should record interest revenue ofa. $100. b. $600. c. $0. d. $200.

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  1. 20 September, 07:53
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    a. $ 100

    Explanation:

    interest revenue = $ 100

    6% of 20000 $ = 1200$

    after 1 month interest would be $1200/12 = $100
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