On April 1, Year 1, Nadler Company issued a $5,000 note to Morris Company. The...
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Accounting
On April 1, Year 1, Nadler Company issued a $5,000 note to Morris Company. The note had a 12 percent interest rate and was to be repaid, with interest, on April 1, Year 2.
The amount of investment that Morris Company recorded on April 1, Year 1, was
a. $4,250.
b. $4,400.
c. $5,000.
d. $5,500.
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