What amount of interest income should shell recognize, Accounting Basics

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What amount of interest income should shell recognize

On January 1, 2001, Art Shell loaned $30,052 to Phil Hilton. A zero interest bearing note was exchanged solely for cash; no other rights or privileges were exchanged. the note is to be repaid on December 31, 2003. The prevailing rate of interest for a loan of this type is 10%. the present value of $40,000 at 10% for three years is $30,052. What amount of interest income should Shell recognize in 2001?

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Accounting Basics: What amount of interest income should shell recognize

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Accounting Basics: What amount of interest income should shell recognize

Reference No:- TGS0704054

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Recent Questions Asked Accounting Basics

Q : Grocers for discounts on certain products

Q : Discuss a table to allocate the lump-sum purchase price

Q : Determine the machines second-year depreciation

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Q : What amount of interest income should shell recognize

Q : What is the amount of cash received from customers

Q : How many shares are outstanding after the dividend

Q : Deter the break even sales for the past

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What amount of interest income should shell recognize

Reference No:- TGS0704054

Recent Questions Asked Accounting Basics

Q : Grocers for discounts on certain products

Q : Discuss a table to allocate the lump-sum purchase price

Q : Determine the machines second-year depreciation

Q : Explain the uses of interest method

Q : What amount of interest income should shell recognize

Q : What is the amount of cash received from customers

Q : How many shares are outstanding after the dividend

Q : Deter the break even sales for the past

Q : What amount would be reported for financing cash flows

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