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Concord Inc. loans money to John Kruk Corporation in the amount of $1,024,000. Concord accepts...

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Accounting

Concord Inc. loans money to John Kruk Corporation in the amount of $1,024,000. Concord accepts an 8% note due in 7 years with interest payable semiannually. After 2 years (and receipt of interest for 2 years), Concord needs money and therefore sells the note to Chicago National Bank, which demands interest on the note of 10% compounded semiannually. What is the amount Concord will receive on the sale of the note?

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