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Determining Sales and Interest Revenue using Short-Term Note Receivable A one-year, $11,000, 10% note was...

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Accounting

Determining Sales and Interest Revenue using Short-Term Note Receivable

A one-year, $11,000, 10% note was received by Nadia Company for a credit sale. Assuming a market rate of 10%, determine (1) the value of sales revenue recognized upon issuance of the note and (2) interest revenue recognized over the term of the note.

1. Sales revenue
2. Interest revenue

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