Verilux Company sold merchandise to Flight Corp on November 1, 2016, for $10,000. Verilux accepted a promissory note from Flight Corp for $10,000. The note has a term of 5 months and a stated interest rate of 7%. Verilux's accounting period ends on December 31, 2016. What amount should Verilux recognize as interest revenue on December 31, 2016?
a. $ - 0-
b. $ 116.67
c. $ 291.67
d. $ 280.00
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