On October 1, Black Company receives a 9% interest-bearing note from Reese Company to settle...
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Accounting
On October 1, Black Company receives a 9% interest-bearing note from Reese Company to settle a $20,000 account receivable. The note is due in six months. At December 31, Black should record interest revenue of
a. $450
b. $900
c. $0
d. $1,800
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