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Deerwood corporation lends its principal shareholder the

Deerwood Corporation lends its principal shareholder, Lafayette, $1,257,600 on July 1 of the current year. The loan is interest free and payable on demand. On December 31, the imputed interest rules are applied. Assume that the federal rate is 7%, compounded semiannually.

As a result, Lafayette has a dividend income of

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Accounting Basics: Deerwood corporation lends its principal shareholder the

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