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Generic Company has a December 31st year-end. On August 1st, Generic sold merchandise...

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Accounting

Generic Company has a December 31st year-end. On August 1st, Generic sold merchandise to a customer and agreed to accept a 3-month, $58,000,15% interest-bearing note in payment. On August 1st, the prevailing rate of interest for similar transactions was 15%. What is the amount of interest revenue Generic will recognize when the note is collected upon maturity?
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