ABC provided services to XYZ, on Jan. 1,2013, in exchange for a $100,000, 7% interest...
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Accounting
ABC provided services to XYZ, on Jan. 1,2013, in exchange for a $100,000, 7% interest note. The note is to be paid back at the end of 10 years with interest to be paid quarterly. The customers normal interest rate is 4%
Determine interest revenue presented on the income statement for the year ended December 31, 2016.
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